Maxygen, Inc. Announces $10 Million Stock Repurchase Program

REDWOOD CITY, Calif.--(BUSINESS WIRE)--Maxygen, Inc. (Nasdaq:MAXY), a biotechnology company focused on the development of improved protein drugs, today announced a stock repurchase program under which the company may purchase up to $10 million of its common stock through December 31, 2010. Since December 2009, Maxygen has repurchased a total of 8.8 million shares of its common stock, 7.3 million of which were purchased in a modified “Dutch auction” tender offer and 1.4 million of which were purchased in a private transaction, for a total cost of approximately $46.9 million.