Astellas opts to buy Maxygen's interest in Perseid JV for $76 million

Japanese drug major Astellas (TSE: 4503) has exercised its option to purchase all of USA-based Maxygen’s (Nasdaq: MAXY) more than 80% equity interests in their joint venture Perseid Therapeutics at the current exercise price of $76.0 million.

Under the terms of the companies’ 2009 joint venture arrangement, Maxygen transferred substantially all of its protein pharmaceutical programs and related assets and R&D personnel to Perseid and granted Astellas an option to acquire all of Maxygen’s ownership interest in Perseid at specified exercise prices that increased each quarter over the term of the option, which was scheduled to expire on September 18, 2012.

“Astellas’ decision to exercise this option represents another important milestone in Maxygen’s on-going efforts to maximize the value of its portfolio of assets,” said James Sulat, Maxygen’s chief executive, adding “It also represents the culmination of an extraordinary effort on the part of the staff at Perseid Therapeutics to demonstrate the value of its programs and the MolecularBreeding directed evolution platform to Astellas.”