The collaboration will focus on developing Pfizer biologics, leveraging Halozyme’s drug delivery platform Enhanze technology that is based on the company’s recombinant human hyaluronidase enzyme (rHuPH20).
Pfizer BioTherapeutics R&D senior vice president Jose Carlos Gutierrez-Ramos said, "I am delighted about this opportunity as it has the potential to enhance Pfizer’s ability to optimize treatments for patients."
According to the terms of the deal, Pfizer will gain worldwide license to develop and market the products combining its biologics against six targets and rHuPH20.
Halozyme will earn $8m as initial payment including an upfront fee for licenses to two therapeutic targets besides development-based milestones, regulatory and sales-based milestones worth $507m in addition to sales based royalty payments.
Pfizer also has an option to select around four extra targets upon the additional fee payment.
Halozyme president and chief executive officer Gregory Frost said, "Enhanze enables biologics to be delivered as a simple subcutaneous injection."