Halozyme bags development deal with AbbVie

• Halozyme Therapeutics (NASDAQ:HALO +2.8%) enters into a global collaboration and license agreement with AbbVie (ABBV +0.4%) to develop and commercialize AbbVie compounds combined with Halozyme's ENHANZE drug delivery platform.
• ENHANZE, specifically recombinant human hyaluronidase (rHuPH20), improves the subcutaneous delivery of injectable biologics by temporarily degrading hyaluronan, a structural component of the epidermis just below the skin surface. This temporary degradation allows monoclonal antibodies and large molecules (up to 200 nm) to pass freely through the subcutaneous space.
• Under the terms of the agreement, Halozyme will receive a $23M upfront payment, milestones up to $130M for each of nine collaboration targets and tiered royalties on commercial sales.