AbbVie backs out of development of Halozyme's ENHANZE and TNF; HALO down 10% premarket

• Halozyme Therapeutics (NASDAQ:HALO) eases 10% premarket on light volume in response to its announcement that collaboration partner AbbVie (NYSE:ABBV) has terminated a development program involving Halozyme's ENHANZE platform and the tumor necrosis factor alpha (TNF-alpha). It decided to nix development after a failed Phase 1 study.
• Other work will continue under the companies' 2015 Global Collaboration and Licensing Agreement. TNF-alpha was the first nominated target of nine included in the agreement.