Maxygen sells MolecularBreeding platform technology to Codexis for $20M

Maxygen, Inc. (Nasdaq:MAXY), a biotechnology company focused on the development of improved protein drugs, today announced that it has sold its MolecularBreeding™ platform technology to Codexis, Inc. (Nasdaq:CDXS) for $20 million in cash. The sale included the cancellation of all payment and potential royalty obligations of Codexis to the company relating to biofuels and other energy products.

The intellectual property portfolio sold to Codexis will continue to be subject to existing licenses that Maxygen previously granted to third parties, including Maxygen's majority-owned subsidiary, Perseid Therapeutics LLC, which retains exclusive licenses to use the MolecularBreeding™ technology platform and ancillary protein expression technologies for the discovery, research and development of protein pharmaceuticals.