Maxygen will receive a $30 million payment from Bayer HealthCare for Bayer’s continued clinical development of a recombinant factor VIIa product candidate for the treatment of hemophilia.
Maxygen sold the product candidate to Bayer, along with its other hematology assets, in July 2008 for $90 million in cash. The additional $30 million payment was based on further development of the factor VIIa product candidate, as well as the satisfaction of certain patent-related conditions. Maxygen is not eligible for any further payments related to these assets.
“The receipt of the full payment from Bayer represents a significant milestone in our continuing efforts to maximize returns for our stockholders,” said James Sulat, chief executive officer of Maxygen. “We congratulate our colleagues at Bayer for this achievement and are pleased to see a program originally developed by Maxygen continue in clinical development.”