Maxygen Inc. (MAXY)

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AP
Maxygen, Sanofi-Aventis in License Deal
Tuesday December 4, 9:40 am ET
Maxygen Licenses Dengue Virus Treatment to Sanofi-Aventis in Deal Worth Up to $24.5 Million

REDWOOD CITY, Calif. (AP) -- Biotechnology company Maxygen Inc. on Tuesday said it granted the license of a virus antigen to a division of Sanofi-Aventis, the world's third-biggest drug maker, in a deal worth up to $24.5 million.

Under terms of the agreement, Maxygen will transfer to Sanofi Pasteur a portfolio of preclinical dengue antigens for the development and worldwide commercialization of a second generation vaccine.

The dengue virus is a mosquito-borne disease that infects more than 50 million people annually -- primarily in the tropics -- and kills more than 20,000, mainly children, according to The World Health Organization.

Besides royalties, total payments to Maxygen could total $24.5 million, according to the company.

Maxygen shares lost a penny at $7.50 in morning trading.