Maxygen announces extension of modified Dutch auction tender offer

By Lisa Kerner

Charlotte, N.C., Dec. 11 - Maxygen, Inc. extended its modified Dutch auction tender offer to 5 p.m. ET on Dec. 23 from midnight ET on Friday.

As of 5 p.m. on Thursday, 687,535 shares of Maxygen common stock had been tendered, according to a company news release.

On Nov. 13, Maxygen began the offer to repurchase 6,557,377 shares, or 17%, of its common stock, priced within a range of $5.30 to $6.10 per share.

As previously reported, Maxygen said it will determine the lowest per-share price within the range that will enable it to buy 6,557,377 shares or less.

If more than 6,557,377 shares are properly tendered, Maxygen said it may increase the number of shares it will buy by up to 2%, or approximately 787,726 shares, without amending or extending the tender offer.

The information agent for the tender offer is Okapi Partners LLC (877 285-5990).

Maxygen is a Redwood City, Calif., biotechnology company.

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