Halozyme and Pfizer Enter Product Development Pact
22 December 2012 - 12:39AM
Dow Jones News
By Ben Fox Rubin
Biopharmaceutical company Halozyme Therapeutics Inc. (HALO) has
entered into a worldwide collaboration and license agreement with
pharmaceuticals company Pfizer Inc. (PFE) to develop and
commercialize potential treatments that combine Pfizer and Halozyme
products.
Under the terms of the agreement, Halozyme granted Pfizer a
worldwide license to develop and commercialize products combining
Halozyme's patented recombinant human hyaluronidase enzyme with
Pfizer proprietary biologics directed to up to six targets.
Halozyme will receive an initial payment of $8 million and is
eligible to receive additional payments totaling up to $507 million
upon Pfizer reaching certain milestones. Halozyme is also entitled
to royalty payments based on net sales of any licensed
products.
Halozyme's shares were halted premarket at $5.52, while Pfizer's
were down 1.3% at $25.11 premarket.
Write to Ben Fox Rubin at ben.rubin@dowjones.com
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