Halozyme jumps on J&J partnership
Halozyme Therapeutics Inc. (NASDAQ:HALO) added $1.01 (13%) to $8.65 on Wednesday after announcing a collaboration with the Janssen unit of Johnson & Johnson (NYSE:JNJ) to use the biotech's Enhanze rHuPH20 technology to increase subcutaneous delivery of five of the pharma's compounds. Enhanze uses a recombinant human PH20 hyaluronidase enzyme to enhance dispersion and absorption of drugs by temporarily degrading hyaluronan, a component of the extracellular matrix.
Janssen will receive exclusive, worldwide rights to develop and commercialize any products that arise from the collaboration. Halozyme is receiving $15 million up front and is eligible for up to $566 million in pre-specified development, regulatory and sales milestones, plus mid-single digit royalties. ...