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In September 2008, Maxygen entered into a global commercialization agreement with Astellas Pharma Inc. Under the terms of the agreement, Astellas received worldwide rights to commercial MAXY-4 for autoimmune disease and transplantation. This agreement was assigned to Perseid Therapeutics LLC in connection with the joint venture arrangement described below. Under the agreement, Perseid and Astellas will co-develop MAXY-4 for rheumatoid arthritis and other autoimmune diseases, and Astellas will exclusively develop MAXY-4 candidates for transplant rejection. Under the agreement, Perseid is eligible to receive up to $165 million in milestone payments, as well as royalties on sales. In September 2009, Maxygen consummated a joint venture arrangement with Astellas pursuant to which Maxygen contributed substantially all of its programs and technology assets in protein pharmaceuticals, including the MAXY-4 collaboration agreement, to Perseid Therapeutics LLC, a newly-formed subsidiary in which Maxygen has an ownership interest of approximately 83.3%. Astellas owns the remaining ownership interest of approximately 16.7%. As part of the joint venture arrangement, Astellas has been granted an option to acquire all of Maxygen’s ownership interest in Perseid at specified exercise prices that increase each quarter from $53 million to $123 million over the three-year term of the option. |
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In December 2007, Maxygen licensed its proprietary dengue virus antigen technology to sanofi pasteur, the vaccines division of the sanofi-aventis Group. Under the terms of the agreement, Maxygen transferred to sanofi pasteur a portfolio of preclinical dengue antigens for development and worldwide commercialization of a second generation vaccine. In addition to royalties, total event payments to Maxygen, including an upfront fee, could total $24.5 million. Additional reading: | |
