Maxygen, Inc. (MAXY) announced Wednesday that Bayer HealthCare has acquired its hemophilia program assets, including a next-generation recombinant Factor VIIa protein known as MAXY-VII. The total value of the deal is a $90 million upfront payment and a final potential milestone payment of $30 million. This acquisition would enhance Bayer's position in hemophilia care.
Hemophilia is an inherited blood disease caused by deficient or defective blood coagulation proteins. Maxygen's MAXY-VII is a Factor VIIa clotting factor that helps in bypassing inhibitors and creating blood clots in patients.
The addition of this new clotting factor is expected to strengthen Bayer's position in hemophilia care, where it currently offers the recombinant Factor VIII product, Kogenate.
The lead therapeutic candidate, MAXY VII is expected to enter phase I clinical trial in the third quarter of 2008.
Commenting on the acquisition, Gunnar Reimann, member of the Executive Committee of Bayer HealthCare, said, "The agreement fits into our growth strategy for our specialty pharmaceutical business and builds on our expertise in the commercialization and manufacturing of protein therapeutics."
In addition, Bayer has obtained a non-exclusive license to use Maxygen's MolecularBreeding technology, for use in its specialty pharmaceutical business. Also, Bayer has received exclusive rights to utilize the technology for 30 specified gene targets.
MAXY closed Tuesday's regular trading at $3.51, up 12 cents or 3.54% , on a volume of 132,134 shares.
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