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REDWOOD CITY, Calif. (AP) -- Biotechnology company Maxygen Inc. said Monday that it will distribute its stake in Codexis Inc. and about $30 million in cash to its own shareholders.

Maxygen owns about 6 million shares of Codexis, which represents a 17-percent stake in the company. It has warrants to buy another 31,000 shares. Owners of Maxygen stock will get 0.19 shares of Codexis for each Maxygen share they hold, the company said. It plans to distribute cash instead of fractional shares.

Codexis develops enzymes for industrial purposes. It was formed in January 2002 as part of Maxygen, but is now a separate company. Codexis completed its initial public offering in April 2010.

Maxygen said it will still own about 500,000 Codexis shares as part of equity awards. Those shares will be delivered after the awards have vested.

The company plans to conduct the distribution of Codexis shares on Dec. 14, giving the stock to Maxygen shareholders of record as of Dec. 3. After the stock distribution, Maxygen said it will make a special cash distribution. Owners of Maxygen stock on Dec. 17 will get $1 per share in the Dec. 28 distribution