Halozyme out-licenses ENHANZE drug-delivery technology for new targets

In yet another deal with the Swiss pharma giant, US biotech Halozyme Therapeutics (Nasdaq: HALO) has licensed its ENHANZE drug-delivery technology to Roche (ROG: SIX) for exclusive development of a new undisclosed clinical stage therapeutic target, with an option to select two additional targets within four years.

Under terms of the accord, Halozyme will receive an upfront fee of $25 million with the potential to earn additional payments of up to $160 million to $165 million per target subject to achievement of specified development, regulatory and sales-based milestones. Additionally, Halozyme will receive a nomination fee for each of the two additional new target nominations. Halozyme will also receive mid-single digit royalties on sales of commercialized products. The company expects to recognize the initial $25 million payment in the fourth quarter of 2018.

"I am delighted to announce another further expansion of our long-term relationship with Roche, covering the selection of these three new targets," said Dr Helen Torley, president and chief executive, adding: “This agreement is a strong illustration of our strategy to unlock and grow ENHANZE value through supporting partners in advancing more promising targets into the clinic through the expansion of existing agreements and the addition of new ones."