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Biotech Buybacks: Maxygen Authorizes $10 Million For Stock Repurchase

June 1, 2010 (FinancialWire) (Go to for all of today’s featured news.) — Maxygen, Inc. (NASDAQ: MAXY), a biotechnology firm, has authorized a stock repurchase program under which the company may purchase up to $10 million of its common stock through December 31, 2010.

Since December 2009, Maxygen has repurchased a total of 8.8 million shares of its common stock, 7.3 million of which were purchased in a modified “Dutch auction” tender offer and 1.4 million of which were purchased in a private transaction, for a total cost of around $46.9 million.

Under the latest authorization, Maxygen may make repurchases in the open market, in privately negotiated transactions, accelerated repurchase programs or in structured share repurchase programs.

Maxygen said that any repurchases would be funded from available cash on hand.

As of March 31, 2010, Maxygen had around $158.6 million in cash, cash equivalents and marketable securities (including $26.0 million held by its majority-owned subsidiary, Perseid Therapeutics LLC, as of such date).

California-based Maxygen is a biopharmaceutical company focused on developing improved versions of protein drugs through both internal development and external collaborations and other arrangements.

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