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.
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