Commercial Launch of Herceptin SC in EU Triggers Milestone Payment to Halozyme from Roche
SAN DIEGO, Sept. 26, 2013 /PRNewswire/ -- Halozyme Therapeutics, Inc.(NASDAQ: HALO) today announced that the commercial launch of Herceptin® SC inEurope has triggered a $10 million milestone payment to Halozyme under the License and Collaboration Agreement between Halozyme and Roche. This time-saving subcutaneous formulation of Herceptin (trastuzumab) using Halozyme's recombinant human hyaluronidase (rHuPH20) received marketing authorization from the European Commission on August 28, 2013 for the treatment of patients with HER2-positive breast cancer and was launched upon approval. Herceptin SC reduces treatment times and enhances convenience compared to the standard intravenous (IV) form.
"With pricing on par with the intravenous formulation, Herceptin SC represents a compelling treatment alternative for breast cancer patients in Europe, and we congratulate Roche on making this time-saving therapy available to patients inEurope so quickly," saidGregory I. Frost, Ph.D., President and Chief Executive Officer of Halozyme. "This will be the third commercial product using our rHuPH20 enzyme and represents a significant achievement for our technology and company as a whole."
July 24, 2014 Roche 1/2 Year 2014 Presentation Slide 22
Country Launch % Share of TOTAL Herceptin Sales
Sweden Sept >50%
Denmark Nov >50%
UK Sept 50%
Chile Dec 45%
Finland Nov 40%
Austria Sept 40%
Norway Oct 40%
Portugal Sept 18%
Netherl Oct 15%
Germany Sept 10%
Roche will Use Herceptin SC as it's "Defense against Biosimilars", since all biosimilars are IV and require a 1-2 Hr infusion by skilled personnel vs a 5 min "jab" that family or the patient can be trained to administer at home. Look for Roche to advertise this distinction more as European patent expire on IV Herceptin in the coming year.
The future of SC formulations of Herceptin and MabThera looks Bright for Halozyme.
Disclosure: The author is long HALO.