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WYETH-AYERST TO PAY AFFYMAX $57 MIL. IN DRUG DISCOVERY AGREEMENT

Executive Summary

WYETH-AYERST TO PAY AFFYMAX $57 MIL. IN DRUG DISCOVERY AGREEMENT in exchange for worldwide rights to any potential products developed under the five-year collaboration. Announced Feb. 28, the agreement calls for Wyeth-Ayerst to make $47 mil. in R&D payments to Affymax over five years to fund a drug discovery program at Affymax' Palo Alto, Calif. facility. Wyeth will also purchase $10 mil. of Affymax common stock at $20 per share, or approximately 500,000 shares, giving the company about a 3% equity stake. Affymax will have 15.9 mil. shares outstanding post- transaction.
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