Maxygen Says No Plans to Interdependently Continue Further Development; Continues to Evaluate Strategic Options; Evaluating Merger for Company

Maxygen, Inc. MAXY, a biotechnology company, today announced financial and business results for the quarter ended June 30, 2012. Maxygen also announced today that its Board of Directors has authorized a special pro rata distribution of $3.60 per share for each outstanding share of Maxygen common stock owned on the close of business on August 21, 2012. The distribution is expected to total approximately $100.0 million and will be payable on September 6, 2012.