SAN DIEGO, Dec. 21, 2015 /PRNewswire/ -- Halozyme
Therapeutics, Inc. (NASDAQ: HALO) today announced a global
collaboration and license agreement with Eli Lilly and Company
(NYSE: LLY) to develop and commercialize products combining
proprietary Lilly compounds with Halozyme's ENHANZE™
platform.
Under the terms of the agreement, Halozyme will receive an
initial $25 million payment, followed
by milestone payments of up to $160
million for each of up to five collaboration targets valued
at up to $800 million. These payments
are subject to Lilly's achievement of specified development,
regulatory and sales-based milestones. In addition, Lilly will pay
Halozyme mid-single digit 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 Lilly, this technology may allow for more rapid delivery
of injectable medications through subcutaneous delivery.
"We are pleased to collaborate with innovators like Halozyme as
we develop our pipeline assets and optimize them for the clinic,"
said Divakar Ramakrishnan, Ph.D.,
vice president of delivery and device research and development at
Lilly. "Halozyme's ENHANZE technology will provide a platform for
our scientists to optimize delivery of Lilly medicines through
subcutaneous injection."
"Lilly is one of the most respected brands and innovators in
pharmaceutical development and we are pleased to support their
pipeline with our ENHANZE technology platform," said Dr.
Helen Torley, president and chief
executive officer. "Through collaborators like Lilly, we see a
growing opportunity to work both at an earlier stage of drug
development as well as with products that are entering the clinic
on formulations that have the potential to benefit patients
worldwide."
Other top pharmaceutical and biotech companies collaborating
with Halozyme include Roche, Baxalta, Pfizer, Janssen and
AbbVie.
About ENHANZE™
ENHANZE™ is Halozyme's
proprietary drug delivery platform based on its patented
recombinant human hyaluronidase enzyme (rHuPH20). rHuPH20 has been
shown to remove traditional limitations on the volume of biologics
that can be delivered subcutaneously (just under the skin). By
using rHuPH20, some biologics and compounds that are administered
intravenously may instead be delivered subcutaneously. ENHANZE may
also benefit subcutaneous biologics by reducing the need for
multiple injections. This delivery has been shown in studies to
reduce health care practitioner time required for administration
and shorten time for drug administration.
About Halozyme
Halozyme Therapeutics is a
biotechnology company focused on developing and commercializing
novel oncology therapies that target the tumor microenvironment.
Halozyme's lead proprietary program, investigational drug PEGPH20,
applies a unique approach to targeting solid tumors, allowing
increased access of co-administered cancer drug therapies to the
tumor. PEGPH20 is currently in development for metastatic
pancreatic cancer, non-small cell lung cancer, gastric cancer,
metastatic breast cancer and has potential across additional
cancers in combination with different types of cancer therapies. In
addition to its proprietary product portfolio, Halozyme has
established value-driving partnerships with leading pharmaceutical
companies including Roche, Baxalta, Pfizer, Janssen AbbVie and
Lilly for its drug delivery platform, ENHANZE™, which enables
biologics and small molecule compounds that are currently
administered intravenously to be delivered subcutaneously. Halozyme
is headquartered in San Diego. For
more information visit www.halozyme.com.
Safe Harbor Statement
In addition to historical
information, the statements set forth above include forward-looking
statements including, without limitation, statements concerning the
possible activity, benefits and attributes of ENHANZE, the possible
method of action of ENHANZE, its potential application to aid in
the dispersion and absorption of other injected therapeutic drugs,
the number of collaborative targets actually chosen, whether such
products are ultimately developed or commercialized, whether
milestones triggering milestone payments will be achieved, and
statements concerning facilitating more rapid delivery of
injectable medications through subcutaneous delivery that involve
risk and uncertainties that could cause actual results to differ
materially from those in the forward-looking statements. The
forward-looking statements are typically, but not always,
identified through use of the words "believe," "enable," "may,"
"will," "could," "intends," "estimate," "anticipate," "plan,"
"predict," "probable," "potential," "possible," "should,"
"continue," and other words of similar meaning. Actual results
could differ materially from the expectations contained in
forward-looking statements as a result of several factors,
including unexpected expenditures and costs, unexpected results or
delays in development and regulatory review, regulatory approval
requirements, unexpected adverse events and competitive conditions.
These and other factors that may result in differences are
discussed in greater detail in both Halozyme and Lilly's Quarterly
Report on Form 10-Q filed with the Securities and Exchange
Commission. Except as required by law, Halozyme and Lilly undertake
no duty to update forward-looking statements to reflect events
after the date of this release.
Contacts:
Jim
Mazzola
858-704-8122
ir@halozyme.com
Chris Burton
858-704-8352
ir@halozyme.com
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SOURCE Halozyme Therapeutics, Inc.