Halozyme Therapeutics, Pfizer Collaborate to Develop And Commercialize Subcutaneous Biologics

Halozyme Therapeutics

announced today that it has entered into a worldwide Collaboration and License Agreement with Pfizer Inc.

for the purpose of developing and commercializing products combining proprietary Pfizer biologics with Halozyme's Enhanze™ technology. Enhanze is Halozyme's proprietary drug delivery platform and is based on the Company's patented recombinant human hyaluronidase enzyme (rHuPH20). (Logo: http://photos.prnewswire.com/prnh/20100302/LA63139LOGO) Under the terms of the agreement, Halozyme has granted to Pfizer a worldwide license to develop and commercialize products combining rHuPH20 with Pfizer proprietary biologics directed to up to six targets. Targets may be selected on an exclusive or non-exclusive basis.  Halozyme will receive an initial payment of $8 million, which includes the upfront fee for exclusive licenses to two specified therapeutic targets in primary care and specialty care indications and the right for Pfizer to elect up to four additional targets upon payment of additional fees. "I am delighted about this opportunity as it has the potential to enhance Pfizer's ability to optimize treatments for patients," said Jose Carlos Gutierrez-Ramos, Senior Vice President, Pfizer BioTherapeutics R&D. Halozyme is eligible to receive additional payments upon Pfizer's achievement of specified development, regulatory and sales-based milestones, totaling up