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news.Maxygen said that it expects to receive approximately $17.8 million in cash in exchange for its equity interest in Avidia as a result of the acquisition of Avidia by Amgen.
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Maxygen said the agreement would allow the company to use Avimer technology allowing it to develop unique products which have the potential to be important drug targets.
Avimer proteins may have the potential to be localized to a particular organ system or targeted to particular tissues, thereby increasing the relative amount of the drug where it is most needed and decreasing the amount where it is not desired to create more favorable safety profiles.
Under an agreement that Maxygen entered into with Avidia, Maxygen retains exclusive rights to use Avidia technology to develop and commercialize products directed to more than 10 targets.
In addition, based on contingencies relating in part to the development of Avidia’s IL-6 product, Maxygen may receive up to an additional $2.8 million as a result of the acquisition. The acquisition of Avidia by Amgen was completed on October 24, 2006.
In July 2003, Avidia was formed as a spinout company from Maxygen.