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Halozyme bails on PEGPH20; to cut headcount 55%

  • Citing its intent to focus its resources on it ENHANZE drug delivery technology, Halozyme Therapeutics (HALO +1.1%) will terminate development of PEGPH20, shut down its oncology operations and cut 160 jobs representing ~55% of its workforce. Most (~80%) of the layoffs will be done by early January 2020.
  • Management says the restructuring and cost-saving initiatives should save $130M - 140M next year, adding that it expects to be "sustainably profitable" in Q2 2020.
  • The company will provide further details during its Q3 conference call on November 12.

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Halozyme Therapeutics, Inc.