Maxygen to receive $30m payment from Bayer

In July 2008, Maxygen sold the recombinant factor VIIa product candidate to Bayer along with its other hematology assets for an upfront cash payment of $90m.

Under the agreement, the additional $30m contingent payment was based on the further clinical development of the factor VIIa product candidate by Bayer and was also subject to the satisfaction of certain patent related conditions.

Maxygen chief executive officer James Sulat said, "The receipt of the full payment from Bayer represents a significant milestone in our continuing efforts to maximize returns for our stockholders."

Maxygen is not eligible for any further payments from Bayer related to the assets.