Halozyme licenses Enhanze technology to Roche

Halozyme Therapeutics (HALO) announced that it has licensed its ENHANZE drug-delivery technology to Roche (RHHBY) for exclusive development of a new undisclosed clinical stage therapeutic target, with an option to select two additional targets within four years. Under terms of the agreement, Halozyme will receive an upfront fee of $25M with the potential to earn additional payments of up to $160M-$165M per target subject to achievement of specified development, regulatory and sales-based milestones. Additionally, Halozyme will receive a nomination fee for each of the two additional new target nominations. Halozyme will also receive mid-single digit royalties on sales of commercialized products. The company expects to recognize the initial $25M payment in the Q4.
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