Halozyme Enters a Global Collaboration with Janssen

Halozyme Therapeutics, Inc. has announced that it has entered into a worldwide Collaboration and License Agreement with Janssen Biotech, Inc. (Janssen) for the purpose of developing and commercializing products combining proprietary Janssen compounds with Halozyme's ENHANZE™ technology.

ENHANZE is based on a proprietary recombinant human hyaluronidase enzyme (rHuPH20) that temporarily modifies hyaluronan, a component of the extracellular matrix, to aid in the dispersion and absorption of other injected therapeutic drugs.

"We are pleased that Janssen, a global leader in the development of novel therapeutics, has selected our ENHANZE technology to further augment their development pipeline," said Dr. Helen Torley, President and Chief Executive Officer. "This new global licensing agreement further validates our ENHANZE platform technology, which we believe may benefit a growing number of patients worldwide by making therapies more convenient."

Under the terms of the agreement, Halozyme has granted to Janssen a worldwide license to develop and commercialize products for up to five targets combining rHuPH20 with Janssen's proprietary compounds. Halozyme will receive an initial payment of $15 million, and is eligible to receive additional payments upon Janssen's achievement of specified development, regulatory and sales-based milestones, totaling up to $566 million.

Halozyme is also entitled to royalty payments based on net sales of products using the ENHANZE technology. Under the collaboration, Janssen will also obtain access to Halozyme's expertise in developing and applying rHuPH20 to Janssen targets and will obtain a worldwide, exclusive license to develop and commercialize product combinations of rHuPH20 and Janssen target compounds resulting from the collaboration.