SAN DIEGO, June 3, 2015 /PRNewswire/ -- Halozyme
Therapeutics, Inc. (NASDAQ: HALO) today announced a global
collaboration and license agreement with AbbVie (NYSE:
ABBV) to develop and commercialize products combining
proprietary AbbVie compounds with Halozyme's ENHANZE™
platform.
Under the terms of the agreement, Halozyme will receive an
initial $23 million payment, followed
by milestone payments totaling approximately $130 million for each of up to nine collaboration
targets. These payments are subject to AbbVie's achievement of
specified development, regulatory and sales-based milestones. In
addition, AbbVie will pay Halozyme tiered royalties if products
under the collaboration are commercialized.
The Halozyme ENHANZE platform is based on a proprietary
recombinant human hyaluronidase enzyme (rHuPH20) that temporarily
degrades hyaluronan, a chain of natural sugars in the body, to aid
in the dispersion and absorption of other injected therapeutic
drugs. For AbbVie, this technology may allow for more rapid
delivery of injectable medications through subcutaneous
delivery.
"We are pleased that AbbVie, a global leader in the development
of novel therapeutics, has chosen Halozyme's ENHANZE platform to
augment their development pipeline," said Dr. Helen Torley, president and chief executive
officer. "AbbVie joins a growing number of top pharmaceutical and
biotech companies partnering with Halozyme to develop new
formulations that will benefit patients worldwide."
Other top pharmaceutical and biotech companies partnering with
Halozyme include Roche, Pfizer, Janssen and Baxter.
About ENHANZE™
ENHANZE™ is Halozyme's
proprietary drug delivery platform based on its patented
recombinant human hyaluronidase enzyme (rHuPH20). rHuPH20 has been
shown to remove traditional limitations on the volume of biologics
that can be delivered subcutaneously (just under the skin). By
using rHuPH20, some biologics and compounds that are administered
intravenously may instead be delivered subcutaneously. ENHANZE may
also benefit subcutaneous biologics by reducing the need for
multiple injections. This delivery has been shown in studies to
reduce health care practitioner time required for administration
and shorten time for drug administration.
About Halozyme
Halozyme Therapeutics is a
biotechnology company focused on developing and commercializing
novel oncology therapies that target the tumor microenvironment.
Halozyme's lead proprietary program, an investigational drug
PEGPH20, applies a unique approach to targeting solid tumors,
allowing increased access of co-administered cancer drug therapies
to the tumor. PEGPH20 is currently in development for
metastatic pancreatic cancer and non-small cell lung cancer and has
potential across additional cancers in combination with different
types of therapies. In addition to its proprietary product
portfolio, Halozyme has established value-driving partnerships with
leading pharmaceutical companies including Roche, Pfizer, Janssen,
Baxter and AbbVie for its drug
delivery platform, ENHANZE™, which enables biologics and small
molecule compounds that are currently administered intravenously to
be delivered subcutaneously. Halozyme is headquartered in San
Diego. For more information, visit www.halozyme.com.
Safe Harbor Statement
In addition to historical
information, the statements set forth above include forward-looking
statements including, without limitation, statements concerning the
possible activity, benefits and attributes of ENHANZE, the possible
method of action of ENHANZE, its potential application to aid in
the dispersion and absorption of other injected therapeutic drugs,
the number of collaborative targets actually chosen, whether such
products are ultimately developed or commercialized, whether
milestones triggering milestone payments will be achieved, and
statements concerning facilitating more rapid delivery of
injectable medications through subcutaneous delivery that involve
risk and uncertainties that could cause actual results to differ
materially from those in the forward-looking statements. The
forward-looking statements are typically, but not always,
identified through use of the words "believe," "enable," "may,"
"will," "could," "intends," "estimate," "anticipate," "plan,"
"predict," "probable," "potential," "possible," "should,"
"continue," and other words of similar meaning. Actual results
could differ materially from the expectations contained in
forward-looking statements as a result of several factors,
including unexpected expenditures and costs, unexpected results or
delays in development and regulatory review, regulatory approval
requirements, unexpected adverse events and competitive conditions.
These and other factors that may result in differences are
discussed in greater detail in the Company's Quarterly Report on
Form 10-Q filed with the Securities and Exchange Commission on
May 11, 2015.
Contacts:
Schond Greenway
Halozyme Therapeutics
858-704-8352
ir@halozyme.com
Jim Mazzola
Halozyme Therapeutics
858-704-8122
ir@halozyme.com
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SOURCE Halozyme Therapeutics, Inc.