Functions of formulation
How Halozyme is growing its business around licensing reformulation technology
Halozyme Therapeutics Inc. is quickly expanding the reach of its Enhanze platform on the back of regulatory approvals for products that are now gaining market share, plus a playbook for streamlined early development it can provide to partners.
The company has added as many new partners for its subcutaneous formulation platform in the last four years, since the first Enhanze approval, as it did in the prior six. It also has almost quadrupled the value of upfront and milestone payments compared to the total value of deals made before the first Enhanze product was approved.
One reason is that partners are finding new motivation to develop subcutaneous formulations of infused products. Halozyme’s maiden deals were primarily defensive plays by partners who hoped to stave off biosimilar competition. Now, partners also are coming to Halozyme for help differentiating products earlier in their life cycles.
Within the next five months, the number of Enhanze products in the clinic will nearly double, from five to eight. And two Enhanze products could be approved within the next few years, bringing that total to five.
With the growing number of Enhanze products advancing through the pipeline, Halozyme is projecting $1 billion in annual royalty revenues by 2027, up from $64 million in 2017. The biotech expects that royalties on its three marketed products will grow 25-30% this year.
In addition, it will have Phase III data for its first in-house candidate, PEGPH20, by next February.
Halozyme has been developing products based on recombinant human PH20 hyaluronidase enzyme since 1998. The enzyme was approved in