Exhibit 2.1.2
 Certain information in this document, marked by brackets, has been omitted and filed separately
with the Securities and Exchange Commission. Confidential treatment has been requested with
respect to the omitted portions.
 LICENSE AGREEMENT
 By and Between
 Maxygen, Inc.
 and
 Bayer HealthCare LLC
 Dated July 1, 2008




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TABLE OF CONTENTS
 PageARTICLE 1 DEFINITIONS
    
    
    11.1 AAA.
    
    
    11.2 Affiliate.
    
    
    11.3 Applicable Law.
    
    
    21.4 Area of Interest.
    
    
    21.5 Bayer.
    
    
    21.6 Bayer Exclusive Protein.
    
    
    21.7 Bayer Facility.
    
    
    21.8 Bayer Field.
    
    
    21.9 Bayer Improvements.
    
    
    21.10 Bayer Indemnified Parties.
    
    
    21.11 Bayer Other Improvements.
    
    
    21.12 Bayer Research Facility.
    
    
    21.13 Business Day.
    
    
    31.14 Closing Date.
    
    
    31.15 CMVP Know-How.
    
    
    31.16 CMVP Materials.
    
    
    31.17 CMVP Patents.
    
    
    31.18 CMVP Technology.
    
    
    31.19 Confidential Information.
    
    
    41.20 Control and/or Controlled.
    
    
    41.21 Dispute.
    
    
    41.22 Enabling Know-How.
    
    
    41.23 Enabling Materials.
    
    
    41.24 Enabling Patents.
    
    
    41.25 Enabling Technology.
    
    
    51.26 Excluded Technology.
    
    
    51.27 Excluded Third Party Agreements.
    
    
    51.28 Excluded Use.
    
    
    5
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Page1.29 Exclusive Protein.
    
    
    51.30 Exclusivity Period.
    
    
    51.31 Execution Date.
    
    
    51.32 FTE.
    
    
    51.33 Governmental Approval.
    
    
    51.34 Governmental Authority.
    
    
    61.35 Indemnified Party.
    
    
    61.36 Indemnifying Party.
    
    
    61.37 Know-How.
    
    
    61.38 Knowledge.
    
    
    61.39 Licensed Technology.
    
    
    61.40 Lien.
    
    
    61.41 Losses.
    
    
    71.42 Materials.
    
    
    71.43 MaxyBody.
    
    
    71.44 Maxygen.
    
    
    71.45 Maxygen Exclusive Protein.
    
    
    71.46 Maxygen Field.
    
    
    71.47 Maxygen Improvements.
    
    
    71.48 Maxygen Indemnified Parties.
    
    
    71.49 Maxygen Other Improvements.
    
    
    71.50 Objection Notice.
    
    
    71.51 Owner
    
    
    71.52 Party and/or Parties.
    
    
    71.53 Patent Challenge.
    
    
    71.54 Patent Rights.
    
    
    71.55 Permitted Uses.
    
    
    81.56 Person.
    
    
    81.57 Program-Specific Technology.
    
    
    81.58 Recipient
    
    
    81.59 Resulting Genetic Material.
    
    
    8
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Page1.60 Resulting Product.
    
    
    81.61 Resulting Protein.
    
    
    91.62 RR Know-How.
    
    
    91.63 RR Materials.
    
    
    91.64 RR Patents.
    
    
    91.65 RR Technology.
    
    
    91.66 Shuffle and/or Shuffling.
    
    
    91.67 Software.
    
    
    91.68 Subsidiary.
    
    
    91.69 Substitution Notice.
    
    
    101.70 Technology Transfer Agreement.
    
    
    101.71 Territory.
    
    
    101.72 Third Party.
    
    
    101.73 Third Party Agreement.
    
    
    101.74 Transition Period.
    
    
    101.75 Transition Plan.
    
    
    101.76 Transition Services.
    
    
    101.77 Transition Services Statement.
    
    
    101.78 Construction of Certain Terms
    
    
    10ARTICLE 2 TECHNOLOGY LICENSES
    
    
    112.1 Licenses
    
    
    112.2 Sublicensing Only to Bayer Affiliates
    
    
    132.3 Limitations on Licenses
    
    
    132.4 Acknowledgement of Third Party Rights
    
    
    142.5 Exclusive Proteins
    
    
    152.6 No Future IP; No Implied Rights
    
    
    17ARTICLE 3 WARRANTIES, REPRESENTATIONS, COVENANTS AND INDEMNITY
    
    
    183.1 Maxygens Representations and Warranties
    
    
    183.2 Maxygens Covenants
    
    
    213.3 Bayer Representations and Warranties
    
    
    223.4 Bayer Covenants
    
    
    23
 -iii-




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##### 



Page3.5 Disclaimer of Warranties
    
    
    243.6 Bayer General Indemnity
    
    
    253.7 Maxygen General Indemnity
    
    
    253.8 General Indemnity Procedure
    
    
    263.9 Breach of Contract Claims Between the Parties
    
    
    263.10 General Limitation
    
    
    27ARTICLE 4 PROTECTION OF PROPERTY RIGHTS
    
    
    274.1 Licensed Technology
    
    
    274.2 Responsibility for Costs
    
    
    274.3 Maintain Confidentiality
    
    
    274.4 Patent Challenges
    
    
    28ARTICLE 5 IMPROVEMENTS
    
    
    305.1 Maxygen Improvements
    
    
    305.2 Bayer Improvements
    
    
    305.3 Licensing Terms
    
    
    31ARTICLE 6 TRANSITION SERVICES
    
    
    326.1 Maxygen Responsibilities
    
    
    326.2 Bayer Responsibilities
    
    
    326.3 Invoices
    
    
    33ARTICLE 7 INFRINGEMENT
    
    
    337.1 Third Party Infringement
    
    
    337.2 Defense of Third Party Action
    
    
    357.3 Settlement
    
    
    35ARTICLE 8 TERM AND TERMINATION
    
    
    368.1 Term of Agreement
    
    
    368.2 Expiration of Patent Rights
    
    
    368.3 Cooperation Following Certain Terminations of Third Party Agreements
    
    
    368.4 Breach
    
    
    36ARTICLE 9 GOVERNMENTAL COMPLIANCE
    
    
    379.1 Compliance with Applicable Law
    
    
    379.2 Responsibility for Compliance
    
    
    38
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Page9.3 Costs
    
    
    38ARTICLE 10 DISPUTE RESOLUTION
    
    
    3810.1 Dispute Resolution
    
    
    3810.2 Arbitration
    
    
    38ARTICLE 11 PUBLICITY
    
    
    3911.1 Publicity
    
    
    39ARTICLE 12 MISCELLANEOUS
    
    
    3912.1 Patent Marking
    
    
    3912.2 Registration of Licenses
    
    
    3912.3 Bankruptcy
    
    
    4012.4 Third Party Beneficiaries
    
    
    4012.5 Assignment
    
    
    4012.6 Binding Agreement
    
    
    4112.7 Choice of Law
    
    
    4112.8 Venue
    
    
    4112.9 Independent Contractor Status
    
    
    4112.10 Severability
    
    
    4112.11 Entire Agreement
    
    
    4212.12 No Waiver
    
    
    4212.13 Survival
    
    
    4212.14 Amendments
    
    
    4212.15 Maxygen Employees
    
    
    4212.16 Notice
    
    
    4312.17 Further Assurances
    
    
    4312.18 Counterparts
    
    
    4312.19 Headings
    
    
    4312.20 Responsibility for Expenses
    
    
    4412.21 Ionformed Review
    
    
    44
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LICENSE AGREEMENT
 Agreement Maxygen Bayer
 W I T N E S S E T H :
   Holdings ApS
  ARTICLE 1
DEFINITIONS
  AAA
 Affiliate




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Applicable Law
 Area of Interest
 Bayer
 Bayer Exclusive Protein Schedule 1.6
 Bayer Facility
 Bayer Field
 Bayer Improvements
 Bayer Indemnified Parties
 Bayer Other Improvements
 Bayer Research Facility
  [****]
 [****] [****] [****]
 [****]
 
 *
    
    Certain information on this page has been omitted and
filed separately with the Securities and Exchange Commission. Confidential
treatment has been requested with respect to the omitted portions. 2




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Business Day
 Closing Date
 CMVP Know-How
 CMVP Materials Schedule 1.16
 CMVP Patents Schedule 1.17 [****]
 CMVP Technology
 
 *
    
    Certain information on this page has been omitted and
filed separately with the Securities and Exchange Commission. Confidential
treatment has been requested with respect to the omitted portions. 3




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Confidential Information
 Control and/or Controlled
 Dispute
 Enabling Know-How in silico
 Enabling Materials Schedule 1.23
 Enabling Patents Schedule 1.24 in silico
 4




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Enabling Technology
 Excluded Technology
 Excluded Third Party Agreements Schedule 1.27
 Excluded Use Schedule 1.28
 Exclusive Protein
 Exclusivity Period Schedule 1.6 Schedule 1.45 th .
 Execution Date
 FTE [****]
 Governmental Approval
 
 *
    
    Certain information on this page has been omitted and
filed separately with the Securities and Exchange Commission. Confidential
treatment has been requested with respect to the omitted portions. 5




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Governmental Authority
 Indemnified Party
 Indemnifying Party
 Know-How
 Knowledge Schedule 1.38
 Licensed Technology
 Lien
 6




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##### 



Losses
 Materials
 MaxyBody Schedule 1.43
 Maxygen
 Maxygen Exclusive Protein Schedule 1.45
 Maxygen Field
 Maxygen Improvements
 Maxygen Indemnified Parties
 Maxygen Other Improvements
 Objection Notice
 Owner
 Party and/or Parties
 Patent Challenge
 Patent Rights PCT
 7




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##### 



Permitted Uses
 Person
 Program-Specific Technology
 Recipient
 Resulting Genetic Material
 Resulting Product
 8




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##### 



Resulting Protein
 RR Know-How
 RR Materials Schedule 1.63
 RR Patents Schedule 1.64 [****] [****]
 RR Technology
 Shuffle and/or Shuffling in silico
 Software Schedule 1.67
 Subsidiary
 
 *
    
    Certain information on this page has been omitted and
filed separately with the Securities and Exchange Commission. Confidential
treatment has been requested with respect to the omitted portions. 9




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Substitution Notice
 Technology Transfer Agreement
 Territory
 Third Party
 Third Party Agreement Schedule
1.73
 Transition Period
 Transition Plan
 Transition Services
 Transition Services Statement
 Construction of Certain Terms
      10




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##### 



ARTICLE 2
TECHNOLOGY LICENSES
 Licenses.
 Enabling Technology.
 License Grant
    11




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##### 



Excluded Uses
 RR Technology.
 CMVP Technology. [****]
 Software. provided however
 
 *
    
    Certain information on this page has been omitted and
filed separately with the Securities and Exchange Commission. Confidential
treatment has been requested with respect to the omitted portions. 12




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##### 



in silico Schedule 2.1.4
 Development and Improvement of Licensed Technology
 Sublicensing Only to Bayer Affiliates. per se
 Limitations on Licenses.
 No Fee for Service
 13




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##### 



Limited Maxygen Rights
 Maxygen Exercise of Retained Rights
 U.S. Rights. Schedule
2.3.4 et seq
 Acknowledgement of Third Party Rights
  14




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##### 



Schedule 2.4.4
  Exclusive Proteins.
 Initial List of Exclusive Proteins Schedule 1.6 Schedule 1.45
 Reduction on First Anniversary
 Further Reduction on Second Anniversary
 15




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##### 



Further Reduction on Third Anniversary
 Selection of Proteins to be Removed on First, Second, and Third Anniversary
 Bayer Schedule 1.6
 Maxygen
 16




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##### 



Schedule 1.45
 Substitution of Exclusive Proteins
 Substitution Notice [****] Area of Interest Area of
Interest
 Objection Notice
 No Future IP; No Implied Rights
 
 *
    
    Certain information on this page has been omitted and
filed separately with the Securities and Exchange Commission. Confidential
treatment has been requested with respect to the omitted portions. 17




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ARTICLE 3
WARRANTIES, REPRESENTATIONS, COVENANTS AND INDEMNITY
 Maxygens Representations and Warranties.
  Schedule 3.1.3
 18




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##### 



Schedule 3.1.3 Schedule 3.1.3
 Schedule 3.1.4
 Schedules 1.17 1.24 1.64 Schedule 1.67 Schedule 1.73
 Schedule 3.1.6
 TO MAXYGENS KNOWLEDGE AS OF THE DATE THE SOFTWARE IS DELIVERED TO BAYER, THE SOFTWARE
DOES NOT CONTAIN ANY VIRUSES, WORMS, BACK DOOR, TRAP DOOR, CLOCKS, TIMERS, TIME BOMB, AND/OR
DROP-DEAD DEVICE AND/OR OTHER ROUTINE TO DISABLE THE SOFTWARE WITH THE PASSAGE OF TIME, AND DOES
NOT CONTAIN OTHER SOFTWARE DESIGNED FOR THE PURPOSE OF INTERFERING WITH THE NORMAL OPERATION OF
BAYERS COMPUTER SYSTEM.
 Schedule 3.1.8
 19




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##### 



Schedule 3.1.10
  Schedule 3.1.12
  20




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##### 



Maxygens Covenants.
 Schedule 3.2.1
 Schedule 3.2.2
   21




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##### 



Bayer Representations and Warranties.
   22




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##### 



Bayer Covenants.
     23




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##### 



per se
   Schedule 3.4.7
 Disclaimer of Warranties.
 24




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##### 



Bayer General Indemnity. Maxygen Indemnified Parties
   Maxygen General Indemnity. Bayer Indemnified Parties
 [****] [****]
   *
    
    Certain information on this page has been omitted and
filed separately with the Securities and Exchange Commission. Confidential
treatment has been requested with respect to the omitted portions. 25




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##### 



General Indemnity Procedure. Indemnified
Party Indemnifying Party.
    Breach of Contract Claims Between the Parties.
 26




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##### 



General Limitation. EXCEPT TO THE EXTENT THAT A PARTY IS OBLIGATED TO INDEMNIFY THE
OTHER PARTY UNDER SECTION 3.6 OR 3.7 AGAINST THIRD PARTY DAMAGES, NEITHER BAYER NOR MAXYGEN NOR ANY
OF THEIR AFFILIATES WILL BE LIABLE WITH RESPECT TO ANY SUBJECT MATTER OF THIS AGREEMENT UNDER ANY
CONTRACT, NEGLIGENCE, STRICT LIABILITY AND/OR OTHER LEGAL AND/OR EQUITABLE THEORY FOR (I) ANY
INCIDENTAL, CONSEQUENTIAL, INDIRECT, SPECIAL AND/OR PUNITIVE DAMAGES AND/OR LOST PROFITS AND/OR
REVENUES, AND/OR (II) COST OF PROCUREMENT OF SUBSTITUTE GOODS, TECHNOLOGY AND/OR SERVICES.
 ARTICLE 4
PROTECTION OF PROPERTY RIGHTS
 Licensed Technology.
 Responsibility for Costs.
 Maintain Confidentiality. Recipient Owner
 27




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##### 



Patent Challenges. Patent Challenge
 28




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##### 



29




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##### 



ARTICLE 5
IMPROVEMENTS
 Maxygen Improvements.
 Maxygen
Improvements
 RR Technology, CMVP Technology and Software. Maxygen Other Improvements
 Bayer Improvements.
 Enabling Technology Bayer Improvements
 RR Technology, CMVP Technology and Software Bayer Other Improvements
 30




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##### 



Licensing Terms.
       Schedule 5.3.2(c)
 31




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##### 



ARTICLE 6
TRANSITION SERVICES
 Maxygen Responsibilities.
  Exhibit 6.1.2 Transition
Plan Transition Services
  Bayer Responsibilities.
  32




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##### 



Transition Period [****] [****]
 [****] [****]
   Invoices. Transition Services Statement
 ARTICLE 7
INFRINGEMENT
 Third Party Infringement.
 Notice
  *
    
    Certain information on this page has been omitted and
filed separately with the Securities and Exchange Commission. Confidential
treatment has been requested with respect to the omitted portions. 33




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##### 



Interest of Various Parties
 Infringement in Bayer Field
 34




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##### 



Maxygen
 Cooperation
 Defense of Third Party Action.
 Settlement.
 35




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##### 



ARTICLE 8
TERM AND TERMINATION
 Term of Agreement.
 Expiration of Patent Rights.
 Cooperation Following Certain Terminations of Third Party Agreements.
 Breach. [****] [****] [****]
 Certain Breaches of Third Party Agreements. Schedule 3.4.7 Schedule 3.4.7
 Notice. Schedule 3.4.7 [****]
  *
    
    Certain information on this page has been omitted and
filed separately with the Securities and Exchange Commission. Confidential
treatment has been requested with respect to the omitted portions. 36




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##### 



Cooperation and Cure.
 Termination. Schedule 3.4.7 [****] [****] [****] [****] Schedule 3.4.7
 ARTICLE 9
GOVERNMENTAL COMPLIANCE
 Compliance with Applicable Law.
  *
    
    Certain information on this page has been omitted and
filed separately with the Securities and Exchange Commission. Confidential
treatment has been requested with respect to the omitted portions. 37




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##### 



Responsibility for Compliance.
 Costs.
 ARTICLE 10
DISPUTE RESOLUTION
 Dispute Resolution. Dispute
   [****]
 [****]
 Arbitration. AAA
  *
    
    Certain information on this page has been omitted and
filed separately with the Securities and Exchange Commission. Confidential
treatment has been requested with respect to the omitted portions. 38




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##### 



ARTICLE 11
PUBLICITY
 Publicity.
 ARTICLE 12
MISCELLANEOUS
 Patent Marking.
 Registration of Licenses.
 39




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##### 



Bankruptcy.
 Third Party Beneficiaries.
 Assignment.
   [****] [****] [****] [****]
  *
    
    Certain information on this page has been omitted and
filed separately with the Securities and Exchange Commission. Confidential
treatment has been requested with respect to the omitted portions. 40




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##### 



[****] [****] [****]
 Binding Agreement.
 Choice of Law.
 Venue.
 Independent Contractor Status.
 Severability.
  *
    
    Certain information on this page has been omitted and
filed separately with the Securities and Exchange Commission. Confidential
treatment has been requested with respect to the omitted portions. 41




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##### 



Entire Agreement.
 No Waiver.
 Survival.
 Amendments.
 Maxygen Employees
 42




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##### 



Notice.
 If for Maxygen:
    
    If for Bayer:Maxygen, Inc.
    
    Bayer HealthCare LLC515 Galveston Drive
    
    800 Dwight WayRedwood City, California 94063
    
    Berkeley, CA 94710U.S.A.
    
    U.S.A.Attn: Chief Executive Officer
    
    Attn: Legal DepartmentTelephone: (650) 298-5300
    
    Telephone: (510) 705-5388Facsimile: (650) 364-2715
    
    Facsimile: (510) 705-7904With copy to:Maxygen, Inc.
    
    Fulbright & Jaworski L.L.P.515 Galveston Drive
    
    801 Pennsylvania Ave. NWRedwood City, California 94063
    
    Washington, D.C. 20004U.S.A.
    
    U.S.A.Attn: General Counsel
    
    Attn: Marilyn MooneyTelephone: (650) 298-5300
    
    Telephone: (202) 662-0200Facsimile: (650) 298-5803
    
    Facsimile: (202) 662-4643
  Further Assurances.
 Counterparts.
 Headings.
 43




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##### 



Responsibility for Expenses.
 Informed Review.
 Remainder of page intentionally left blank
 44




---



##### 



BAYER HEALTCARE LLC
    
    MAXYGEN, INC.By:
    
    /s/ Hans Bishop
    
    By:
    
    /s/ Russell J. HowardName:
    
    Hans Bishop
    
    Name:
    
    Russell J. HowardTitle:
    
    Executive Vice President
    
    Title:
    
    Chief Executive OfficerDate:
    
    June 28, 2008 executed
    
    Date:
    
    June 27, 2008 executedJuly 1, 2008 delivered
    
    
    
    July 1, 2008 deliveredLocation:
    
    New York
    
    Location:
    
    Redwood City, CA




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##### 



Schedule 1.6
    
    Bayer Exclusive ProteinsSchedule 1.16
    
    CMVP MaterialsSchedule 1.17
    
    CMVP PatentsSchedule 1.23
    
    Enabling MaterialsSchedule 1.24
    
    Enabling PatentsSchedule 1.27
    
    Excluded Third Party AgreementsSchedule 1.28
    
    Excluded UsesSchedule 1.38
    
    KnowledgeSchedule 1.43
    
    MaxyBodySchedule 1.45
    
    Maxygen Exclusive ProteinsSchedule 1.63
    
    RR MaterialsSchedule 1.64
    
    RR PatentsSchedule 1.67
    
    SoftwareSchedule 1.73
    
    Third Party AgreementsSchedule 2.1.4
    
    Third Party Software Used By MaxygenSchedule 2.3.4
    
    U.S. RightsSchedule 2.4.4
    
    Third Party RightsSchedule 3.1.3
    
    Governmental Approvals and Third Party ConsentsSchedule 3.1.4
    
    SuitsSchedule 3.1.6
    
    Third Party Agreements Provided to BayerSchedule 3.1.8
    
    ConsentsSchedule 3.1.10
    
    ClaimsSchedule 3.1.12
    
    Suits




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Schedule 3.2.1
    
    Patent Rights MaintenanceSchedule 3.2.2
    
    Third Party Agreement Licensors Approachable by BayerSchedule 3.4.7
    
    Third Party Agreements terms and ConditionsSchedule 5.3.2(c)
    
    Baseball Type Arbitration ProcedureSchedule 6.1.2
    
    Transition Plan