Maxygen to Receive $30M Payment from Bayer
Maxygen, Inc. (Nasdaq: MAXY) today announced that it will receive a $30.0 million payment from Bayer HealthCare LLC in connection with Bayer's continued clinical development of a recombinant factor VIIa product candidate for the treatment of hemophilia.
Maxygen sold the recombinant factor VIIa product candidate (previously designated by Maxygen as MAXY-VII) to Bayer, together with its other hematology assets, in July 2008 for an upfront cash payment of $90.0 million. The additional $30.0 million contingent payment was based on the further clinical development of the factor VIIa product candidate by Bayer and was also subject to the satisfaction of certain patent related conditions, all of which have been satisfied. Maxygen is not eligible for any further payments from Bayer related to these assets.
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