Maxygen

Maxygen axes staff, cuts expenses, seeks partner

John Carroll — Thu, 23 Oct 2008 09:44:42 -0400

Maxygen is joining the list of biotech companies hunkering down in an effort to hold on to cash. The developer says it will cut close to a third of its payroll and reduce staff to 65 as it hunts for a partnership for a key program. Investment bank Lazard has been brought in for a strategic review and Maxygen is reducing spending on MAXY-G34, a new therapy for chemotherapy-induced neutropenia.

Maxygen does have plenty of money on hand, though. The Redwood City, CA-based biotech says it will have $200 million available at the end of this year and plans to budget $17 million in expenses for next year.

A Phase IIa trial of MAXY-G34 in breast cancer patients is currently being completed and Maxygen says it will produce detailed data by the end of the year.

"Although the preliminary Phase IIa data are encouraging, we do not believe it practical for Maxygen to take the MAXY-G34 program forward without a partner," said Russell Howard, CEO of Maxygen. "The uncertainty of partnering, the cash required for continuation of the program, and the current financial environment have together led us to the difficult decision to significantly reduce spending."

- check out Maxygen's release
- read the story in the San Francisco Business Times

Maxygen inks $180M deal with Astellas

John Carroll — Fri, 19 Sep 2008 09:50:02 -0400

Maxygen is pocketing a $10 million upfront fee from Japan's Astellas for marketing rights to its Maxy-4 therapies--a preclinical program focused on developing a next-generation CTLA4-Ig protein for autoimmune diseases. Astellas will also pay up to $160 million in milestones while Maxygen retains an option on North American co-promotion rights. If Maxygen chooses to take the co-promotion option, the two companies will share profits in place of a royalty payment. Astellas will also foot the first $10 million for certain preclinical development costs and the two companies will split the remaining expenses.

The Maxy-4 proteins in development are intended to reduce T cell activation, reducing the immune response that plays a role in rheumatoid arthritis, transplant rejection and more.

"Our MolecularBreeding platform has yielded promising candidates for the treatment of autoimmune disease and transplant rejection," said Russell Howard, chief executive officer of Maxygen. "Astellas is an excellent partner to help us develop and commercialize this program."

- check out Maxygen's release
- read the AP story

Maxygen inks $120M deal for hemophilia program

John Carroll — Wed, 02 Jul 2008 09:42:20 -0400

Maxygen has inked a deal to sell its hemophilia drug development program to Bayer for $90 million upfront and up to $30 million in milestone payments. The program is still in the preclinical stage, with the blood clotting protein MAXY-VII scheduled for Phase I human trials in a matter of weeks. Bayer also gained the nonexclusive use of Maxygen's MolecularBreeding technology for 30 specific gene targets.

"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," said Gunnar Reimann, a member of Bayer's executive committee.

For Bayer, the development program offers a direct shot at building up its stock of therapies for hemophiliacs. Bayer already sells the blockbuster Kogenate, but the drug triggers an immune response in 20 percent to 30 percent of patients that makes the therapy ineffective. Bayer earned €233 million on Kogenate in the first quarter.

- here's the release
- check out the report from RTT News

Mpex in pact with GSK; Biogen favored in Icahn spat; Maxygen shares slide on threatened patent dispute;

John Carroll — Mon, 16 Jun 2008 07:31:17 -0400

> Mpex has inked a collaboration deal with GlaxoSmithKline. The collaboration provides GlaxoSmithKline access to Mpex's novel efflux pump inhibitors and related technology for use in combination with a variety of antibiotics. Mpex will receive an $8.5 million upfront payment and a $6.5 million equity financing commitment from GlaxoSmithKline. Contingent on achieving certain milestones, Mpex is eligible to receive development, regulatory and commercial milestones ranging up to $200 to $250 million for each product candidate. Release

> With three proxy advisory firms backing Biogen Idec against Carl Icahn, analysts say the biotech company should prevail in the disputed battle for board domination. The decision will determine whether Biogen remains independent or goes back on the auction block. The annual meeting is June 19. Report

> Shares of Maxygen slid 28 percent on Friday on investors' fears that the company may be sued by Amgen for patent infringement. Report

> SkyePharma announced this morning that the approval of GSK's Requip XL Parkinson's relief drug will provide a new stream of royalties for the company. Report

> MorphoSys announced that OncoMed Pharmaceuticals has triggered its option to extend the current license agreement between the two companies and has initiated two therapeutic antibody development programs targeting cancer stem cells. Release

> India's Jupiter Biosciences has forged a licensing deal with California-based GI Logics for developing and marketing Diamox, a product that targets H pylori bacteria. Story

> Chemical Heritage Foundation and the Biotechnology Industry Organization will present the ninth annual Biotechnology Heritage Award to Henri A. Termeer, chairman, president and CEO of Genzyme Corporation. Release

> Is what's good for pharma good for its regulators, too? As we all know, Big Pharma's outsourcing of active ingredients and manufacturing has caused a big bout of hand-wringing on the governmental side as FDA has struggled to keep up--and largely failed. The Bush administration has been pushing a plan to expand private inspections to drugs and other imports. Report

> And you thought the odds on new-drug approvals at the FDA were bad. Generics get the thumbs-down 96 percent of the time, according to a new report from the Inspector General. Generics report

> Can Shire weather the upcoming loss of Adderall XR to the off-patent wildnerness? Report

> In the investment world, the proposed Daiichi Sankyo-Ranbaxy Laboratories merger is just another big deal. But in India, it's taken on symbolic significance. Report

> GlaxoSmithKline is tops at getting medicines into the hands of the poor, a new report shows. At No. 3, Merck is the only U.S. company to make the top seven. No Japanese companies made the list, and generics makers ranked close to the bottom of the top 20. GSK report

And Finally... BIO chief James Greenwood talked legislative strategy in the lead-up to the San Diego meeting. At the top of the list: Funding for the FDA and the NIH and generics manufacturing rules. Report

C&L: Lundbeck CEO resigns early

Wed, 05 Mar 2008 06:59:52 -0500

Denmark's H Lundbeck announced that its president and chief executive Claus Braestrup has resigned earlier than expected.

Critical Therapeutics announced that Frank Thomas will resign as president and chief executive officer. Trevor Phillips, Ph.D., who currently serves as chief operating officer, will become president and CEO as of April 1, 2008 and was appointed to the board of directors.

Indevus Pharmaceuticals CEO Glenn Cooper, M.D. plans to retire on or prior to September 1.

Kosan Biosciences Incorporated announced that Robert Johnson, Jr., M.D., Ph.D., has resigned as president and CEO. Helen S. Kim, who joined Kosan in January 2008 as senior vice president and CBO, has been appointed president of Kosan.

Tercica has named Chief Operating Officer Richard King to the additional role of president.

Bristol-Myers Squibb Company announced that the company's board has elected Jean-Marc Huet senior vice president and chief financial officer.

Aldagen has hired David Carberry as chief financial officer.

Momenta Pharmaceuticals has named James Roach, M.D., chief medical officer and senior vice president of development.

Maxygen says that Grant Yonehiro, its senior vice president in charge of global business development and U.S. operations, has been appointed to the position of chief business officer. In addition, the company announced the pending departure of Michael Rabson, Maxygen's general counsel since 1999.

Vitae Pharmaceuticals has appointed Richard Gregg, M.D. as chief science officer.

ZIOPHARM Oncology has appointed Steven Bloom as vice president, business development and Barry Jones, Ph.D., as senior vice president, preclinical operations.

Targanta Therapeutics has hired Mona Haynes as chief commercial officer and Daniel Char as vice president and general counsel.

Antares Pharma has named Kaushik Dave as vice president of clinical and regulatory affairs.

Catalyst Pharma has appointed Patrick Kenny as director--corporate clinical compliance.

WaferGen Biosystems has promoted Kumar Kastury, Ph.D., to vice president of assay development and John McEntee to associate vice president of engineering.

Modigene has named Phillip Frost, M.D., chairman of its board of directors.

Numira Biosciences announced the appointment of Paul Grint, M.D., to its board of directors.

Progen Pharmaceuticals has appointed John Lee and Robert Williamson to the company's board as independent non-executive directors.

Maxygen, Sanofi Pasteur ink $24.5M vaccine deal

Tue, 04 Dec 2007 06:59:56 -0500

Maxygen has agreed to transfer a portfolio of preclinical dengue antigens to Sanofi Pasteur for use developing a second generation vaccine. Maxygen stands to gain up to $24.5 million in the deal. The dengue virus afflicts more than 50 million people worldwide. About a week ago Maxygen announced that it is closing its facility in Denmark in a cost-cutting move.

- check out the release on the deal
- here's the AP report on Maxygen

ALSO: Take a look at Sanofi's pipeline. Report

Related Articles:
New tech drives huge growth in vaccine business. Report
New approach to vaccine development. Report
Vaccine "renaissance" attracts huge new venture investments. Report
Roche drops out of dev deal with Maxygen. Report

SPOTLIGHT: Maxygen closes Denmark facility

Tue, 27 Nov 2007 06:59:53 -0500

Maxygen is shutting down its Denmark facility--which has largely focused on preclinical activities--and is adding 25 staffers to its Redwood City headquarters as it restructures. Release

Roche halts Phase I trial

Fri, 21 Sep 2007 06:59:55 -0400

Roche has halted a trial of MAXY-alpha, also known as R7025, due to an unanticipated reduction of the pharmacodynamic and pharmacokinetic effects in patients who received the drug. Roche and development partner Maxygen are conducting Phase I trials of R7025 for Hepatitis C and Hepatitis B.

"We don't yet know how this will impact the future timing or advancement of the program. Roche has now started additional work to assess the meaning and significance of these results. We will provide an update once all relevant information is collected and evaluated," said Russell Howard, Maxygen's CEO. Back in March Roche opted out of another co-development deal with Maxygen for acute bleeding indications.

- see this release from Maxygen