Bayer HealthCare and Maxygen (MAXY) Enter Hematology Agreement

July 2, 2008 6:55 AM EDT
Bayer HealthCare announced the acquisition of Maxygen's (NASDAQ: MAXY) hemophilia program assets, including a next-generation recombinant Factor VIIa protein known as MAXY-VII. The lead therapeutic candidate is expected to enter Phase 1 clinical testing in the third quarter of 2008.

The total transaction is valued at $90 million upfront with a final, potential milestone payment of $30 million. This agreement also includes a license to use Maxygen’s MolecularBreedin technology, a novel research platform, for exploiting gene targets.

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