Maxygen and Hercules Announce Bioprocess Alliance
Maxygen, Inc. (Nasdaq: MAXY) and Hercules Incorporated (NYSE: HPC) announced today the formation of a four-year collaboration focused on developing high value specialty chemicals via custom-made biological catalysts.
Under the terms of the agreement, Hercules will retain exclusive worldwide commercialization rights for specific applications of products generated in the alliance. Maxygen will receive research funding, technology access and license fees, milestone payments and royalties on product sales. Maxygen retains rights to all applications of products not exclusively licensed to Hercules. The partnership is focused on a number of high revenue-generating products in Hercules’ core businesses: Aqualon, BetzDearborn, and Pulp and Paper. Specific terms of the agreement were not disclosed.
The initial product concepts that Hercules and Maxygen will address represent an opportunity for significant growth in Hercules core businesses. The relationship provides Hercules the benefits of Maxygen’s gene shuffling platform technology from which to develop multiple new products, providing a competitive advantage in creating advanced customer solutions.
"Combining Hercules’ product, applications and market focus and Maxygen’s proprietary technologies is a natural fit," said Dr. Keith Powell, Vice President of Maxygen’s chemicals division. "Together, we expect to evolve a new range of specialty chemicals for use in water treatment, pulp and paper, and markets employing water soluble polymers such as paint, construction, personal care and oil field services. Many of the chemicals that Hercules produces are derived from natural products, and Hercules has emerged at the forefront of developing novel bioprocesses for this sector."
Hercules Director of Corporate Research, Dr. Barry L. Marrs, said, "We are delighted to team up with Maxygen. They are the clear leaders in directed evolution and gene shuffling, and those technologies are driving the third wave of biotechnology -- industrial biotech -- to accomplishments that were unimaginable just a few years ago."
"Our relationship will provide Maxygen access to product development capabilities and commercialization routes for multiple products. Hercules' leadership in specific specialty chemicals strengthens Maxygen’s rapidly growing network of alliances with leaders in various market segments," said Tassos Gianakakos, business development manager for Maxygen’s Chemical division.
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