Astellas to buy out Maxygen interest in joint venture for $76 million

Astellas Pharma Inc. will buy out Maxygen Inc.’s interest in Redwood City joint venture Perseid Therapeutics Inc. for $76 million.
Astellas and Maxygen (NASDAQ: MAXY) of Redwood City set up the joint venture in summer 2009, with Maxygen transferring substantially all of its protein pharmaceutical programs and related assets and R&D personnel to Perseid. It granted Astellas an option to to buy all of Maxygen’s ownership interest in Perseid at exercise prices that increased each quarter until Sept. 18, 2012.