Maxygen to buy 17% of its common stock in Dutch auction tender offer

By Lisa Kerner

Charlotte, N.C., Nov. 13 - Maxygen, Inc. began a modified Dutch auction tender 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, according to a company news release.

On Thursday, the company's stock closed at $5.03 (Nasdaq: MAXY).

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 offer will end at midnight ET on Dec. 11.

According to Maxygen, it had cash, cash equivalents and marketable securities of $203 million at Sept. 30 and will use cash on hand to fund the offer.

Okapi Partners LLC is the information agent for the offer, and the depositary is Computershare Trust Co.

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

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