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Dec 21, 2012

Pfizer and Halozyme Enter Up to $507M Deal

  • Halozyme Therapeutics entered into a worldwide deal with Pfizer to develop and commercialize products combining Pfizer biologics with Halozyme’s Enhanze™ technology. Enhanze is Halozyme’s drug delivery platform based on the company’s recombinant human hyaluronidase enzyme (rHuPH20). “Enhanze enables biologics to be delivered as a simple subcutaneous injection,” said Gregory I. Frost, Ph.D., president and CEO, Halozyme.

    Pfizer will be able to combine rHuPH20 with its biologics directed to up to six targets. Halozyme will receive an initial payment of $8 million, which includes the up-front fee for exclusive licenses to two specified therapeutic targets in primary care and specialty care indications and the right for Pfizer to elect up to four additional targets upon payment of additional fees.

    Halozyme is eligible to receive additional payments upon Pfizer’s achievement of specified development, regulatory, and sales-based milestones, totaling up to $507 million. Halozyme is also entitled to royalty payments based on net sales of any licensed products.

    Several firms have tapped Halozyme for its Enhanze technology. Most recently, last year, Intrexon agreed to pay Halozyme $9 million up front to leverage the rHuPH20 technology to develop a subcutaneous injectable formulation of Intrexon’s candidate for indications resulting from A1AT deficiency. Halozyme is eligible for up to $54 million in milestone payments from that deal. Also last year, ViroPharma paid Halozyme $9 million for rights to use rHuPH20 in the development of a subcutaneous formulation of its marketed hereditary angioedema (HAE) drug Cinryze. As part of that agreement, Halozyme could receive up to another $74 million in clinical and regulatory milestones, plus a 10% royalty on future sales of Cinryze combined with rHuPH20.

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