Biotechnology company Maxygen Inc. said Friday it extended its
tender offer aimed at buying back just under 6.6 million shares of
common stock.
The company's tender offer is now set to expire Dec. 23 instead
of Dec. 11.
On Nov. 13, the company said it would pay between $5.30 and
$6.10 for each share, which was above the stock's prior closing
price of $5.03.
Maxygen had 38.5 million shares outstanding as of Oct. 30.
The company's drugs in testing include Maxy-G34, a potential
treatment for the blood disorder neutropenia. Maxygen is also
working on drugs for autoimmune diseases and transplant
Shares of Maxygen rose 25 cents, or 4.5 percent, to $5.79 in
afternoon trading.