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Business
Maxygen Consolidates In California
December 3, 2007
| A version of this story appeared in
Volume 85, Issue 49
Maxygen, a biotechnology firm specializing in directed evolution techniques, plans to close its European subsidiary in Hørsholm, Denmark, and consolidate in Redwood City, Calif., where it will add 25 employees. The move is expected to yield $10 million in annual cost savings. The company's lead drug candidate, MAXY-G34 for the treatment of the blood disorder neutropenia, is currently in Phase II clinical trials. Separately, Maxygen has received a payment of $7 million from a biofuels collaboration between Shell Oil and Codexis. Maxygen spun off Codexis in 2003 with a license to use its MolecularBreeding technology.
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