ADVERTISEMENT
2 /3 FREE ARTICLES LEFT THIS MONTH Remaining
Chemistry matters. Join us to get the news you need.

If you have an ACS member number, please enter it here so we can link this account to your membership. (optional)

ACS values your privacy. By submitting your information, you are gaining access to C&EN and subscribing to our weekly newsletter. We use the information you provide to make your reading experience better, and we will never sell your data to third party members.

ENJOY UNLIMITED ACCES TO C&EN

Business

Maxygen Cuts Costs And Shifts Strategy

by Ann M. Thayer
November 3, 2008 | APPEARED IN VOLUME 86, ISSUE 44

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.

X

Article:

This article has been sent to the following recipient:

Leave A Comment

*Required to comment