Halozyme Therapeutics, Inc. (HALO) and Eli Lilly and Co (LLY) Join Hands To Develop Drugs Based On ENHANZE
Halozyme Therapeutics, Inc. (NASDAQ:HALO) and Eli Lilly and Co (NYSE:LLY) have aligned to develop drugs based on the proprietary drug delivery platform, ENHANZE. The platform was based on the patented recombinant human hyaluronidase enzyme. It would be a combination of Lilly’s compounds and the former’s platform to make commercial product. Both the parties struck an international license and collaboration deal.
As a result, Halozyme Therapeutics, Inc. (NASDAQ:HALO) would get an initial payment of $25 million. This would be followed by another milestone payment of a maximum of $160 million for every collaboration targets. However, there is cap of five collaborations and the maximum value was $800 million. Also, the payments were subject to Eli Lilly and Co (NYSE:LLY) achieving certain development apart from regulatory, as well as, sales-based milestones. Aside from that, Lilly would also pay its alliance partner mid-single digit royalties. That would be subject to the commercialization of products under the collaboration.
There are also other top pharmaceutical, as well, as biotech firms that struck a deal with HALO. That included Pfizer Inc. (NYSE:PFE), AbbVie Inc (NYSE:ABBV), Roche Holdings Ltd.(ADR) (OTCMKTS:RHHBY), and Baxalta Inc (NYSE:BXLT).
Eli Lilly and Co (NYSE:LLY) VP of delivery and device R&D, Divakar Ramakrishnan, said that the company was pleased to align with the innovative companies such as Halozyme Therapeutics, Inc. (NASDAQ:HALO). The objective was to establish pipeline assets, as well as, maximize them for the clinic. He believes that that latter’s ENHANZE tech would offer a platform for its scientists. As a result, they would be able to maximize delivery of its medicines through subcutaneous injection.
Similarly, Halozyme Therapeutics, Inc. (NASDAQ:HALO) President and CEO, Helen Torley, said that Eli Lilly and Co (NYSE:LLY) it was pleased to help the latter’s pipeline with its tech platform. The company sees the collaboration with Lilly as a growth opportunity. That meant both at the initial stage of developing the drug and with the products, which would enter the clinic on the formulation. Such products have the immense potential to benefit patients throughout the world.
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