Maxygen Cuts Costs And Shifts Strategy | November 3, 2008 Issue - Vol. 86 Issue 44 | Chemical & Engineering News
Volume 86 Issue 44 | p. 14 | Concentrates
Issue Date: November 3, 2008

Maxygen Cuts Costs And Shifts Strategy

Department: Business

Maxygen is cutting costs while exploring options for selling assets, partnering, or making other business arrangements. The Redwood City, Calif.-based firm will eliminate about 30% of its workforce in early 2009 and retain about 65 employees. Remaining staff will focus primarily on the MAXY-4 program with Astellas Pharma to treat immune disorders; a small team will continue other protein drug discovery efforts for autoimmune diseases. The company won't advance its MAXY-G34 product, now in Phase II development for chemotherapy-induced neutropenia, unless it finds a collaborative partner to share costs. Maxygen says it will end 2008 with about $200 million in cash, no debt, and a 25% stake in biocatalyst technology developer Codexis.

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