Halozyme bails on PEGPH20; to cut headcount 55%

Citing its intent to focus its resources on it ENHANZE drug delivery technology, Halozyme Therapeutics (HALO +1.1%) will terminate development of PEGPH20, shut down its oncology operations and cut 160 jobs representing ~55% of its workforce. Most (~80%) of the layoffs will be done by early January 2020.

Management says the restructuring and cost-saving initiatives should save $130M – 140M next year, adding that it expects to be “sustainably profitable” in Q2 2020.

The company will provide further details during its Q3 conference call on November 12.

https://seekingalpha.com/news/3513635-halozyme-bails-pegph20-cut-headcount-55-percent