The board of biopharmaceutical company Maxygen has approved the liquidation and dissolution of the company, subject to shareholder approval, and plans to distribute all available cash to its shareholders after making reasonable provision for known and potential liabilities and other obligations of the company. Maxygen currently estimates the initial liquidating distribution to stockholders will be between $68.2 million and $69.6 million, or $2.45 to $2.50 per share.
James Sulat will resign as the chief executive officer and chief financial officer and from the board on June 30. The board has appointed Isaac Stein, executive chairman of the board, to act as the company's CEO and CFO.
“Through the estimated liquidating distributions and the company's prior distributions and stock repurchases, Maxygen will have returned approximately $320 million in cash and property to the company's shareholders since December 2009,” said Stein.
Maxygen also intends to delist its common stock from the Nasdaq Global Market, close its stock transfer books, discontinue recording transfers of shares of its stock and seek relief from certain of its reporting obligations under the Securities Exchange Act of 1934, as amended.
If, prior to its dissolution, Maxygen receives an offer that will provide superior value to shareholders compared to the value of the estimated distributions, the plan of dissolution could be abandoned.