Key Developments For Maxygen Inc
Maxygen Inc (MAXY.O) (Consolidated Issue listed on NASDAQ Global Market)
Maxygen, Inc. Commences Dutch Auction Tender Offer To Repurchase 6,557,377 Shares of Common Stock
Maxygen, Inc. announced that it is commencing a modified Dutch Auction tender offer to repurchase 6,557,377 shares of its common stock, representing approximately 17% of Maxygen's outstanding shares. Maxygen intends to finance the repurchases from cash on hand. At September 30, 2009, cash, cash equivalents and marketable securities totaled $203.0 million, $20.3 million of which was held by Maxygen's majority-owned subsidiary, Perseid Therapeutics LLC, and may only be used for Perseid's operations. Under the tender offer, stockholders will have the opportunity to tender some or all of their shares at a price within a range of $5.30 to $6.10 per share. Based on the number of shares tendered and the prices specified by the tendering stockholders, Maxygen will determine the lowest per share price within the range that will enable it to buy 6,557,377 shares, or such lesser number of shares that are properly tendered. If more than 6,557,377 shares are properly tendered at or below the determined price per share, Maxygen will purchase shares tendered at the determined price per share, on a pro rated basis. The information agent for the offer is Okapi Partners LLC and the depositary for the offer is Computershare Trust Company. Lazard Freres & Co. LLC is providing strategic advisory services to Maxygen in connection with the offer.
Maxygen, Inc. Announces Management Changes
Maxygen, Inc. announced that James Sulat, who currently serves as a Director of the Company, has been appointed to serve as Maxygen`s Chief Executive Officer, effective October 1, 2009. Mr. Sulat will replace Russell Howard, who has served as Maxygen`s Chief Executive Officer and as a Director since June 1998. Dr. Howard will be leaving his positions as an Officer and Director of Maxygen on September 30, 2009. Larry Briscoe, Maxygen`s Chief Financial Officer, will also be departing the Company on September 30, 2009. In addition to his role as Chief Executive Officer, Mr. Sulat will also assume the role of Chief Financial Officer and will continue to serve on Maxygen`s Board of Directors.
Maxygen, Inc. Announces Consummation Of Joint Venture Transaction With Astellas Pharma Inc
Maxygen, Inc. announced the consummation of the transactions contemplated by the joint venture agreement between Maxygen, Inc. and Astellas Pharma Inc. Under the joint venture transaction, which closed on September 18, 2009, the parties established a newly formed joint venture, Perseid Therapeutics LLC, to focus on the discovery, research and development of multiple protein pharmaceutical programs.
Maxygen, Inc. Announces Resignation Of Russell Howard From CEO Role-Form 8-K
Maxygen, Inc. reported in its Form 8-K that on July 17, 2009, Dr. Russell Howard, the Chief Executive Officer (CEO) and a member of the Board, delivered his contingent resignation from the Board, which resignation will take effect at such time as Dr. Howard no longer serves as the Company's CEO.
Maxygen, Inc. Announces Positive Results Of MAXY-G34 Phase IIa Study In Breast Cancer Patients
Maxygen, Inc. announced the completion of a Phase IIa clinical study in breast cancer patients in which MAXY-G34 was safe and effective in reducing chemotherapy-induced neutropenia (CIN), a major side effect of myelosuppressive anti-cancer agents. MAXY-G34 was also safe and well-tolerated in this clinical study. The type and incidence of adverse events were consistent with those observed in other G-CSF clinical trials and were comparable between the MAXY-G34 and Neulasta treatment arms. No dose relationship was observed with respect to adverse events in the MAXY-G34 groups. No unexpected serious adverse events were noted in any patients. No immunogenicity was detected after six administrations of MAXY-G34 at any dose level.
