San Diego’s Halozyme Therapeutics will receive a $40 million upfront payment, and potentially much more, as part of a new collaboration and licensing deal with Alexion Pharmaceuticals.
The partnership allows Alexion to use Halozyme’s technology, Enhanze, to develop drugs for subcutaneous delivery, which compared with intravenous therapies, allows for faster dosing, among other dosing benefits.
Alexion, based in Connecticut, can use Enhanze to develop up to four drug targets.
Under the agreement, Halozyme will receive an initial $40 million payment with the potential to earn additional payments of up to $160 million for each target developed. For commercialized products, Halozyme would also receive mid-single digit royalties.
This marks the eighth global collaboration for Enhanze, three of which have come this year. These partnerships cover nearly 50 therapeutic targets and include three commercialized products.
Halozyme has a market cap of $2.7 billion.