Total Collaboration Valued at Up to $65 Million, Including a $20 Million Equity Investment in HalozymeSAN DIEGO and DEERFIELD, Ill., Feb 14, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- Halozyme
Therapeutics, Inc. (Amex: HTI) and Baxter Healthcare Corporation announced
today they have expanded their existing HYLENEX recombinant (hyaluronidase
human injection) agreements to include the use of HYLENEX recombinant with
Baxter proprietary and non-proprietary small molecule drugs.
Under the terms of the agreements, Baxter will pay Halozyme an initial
upfront payment of $10 million and will make a $20 million equity investment.
Pending the successful completion of a series of regulatory and sales events,
Baxter may make further milestone payments to Halozyme. Halozyme will also
receive royalties on HYLENEX recombinant as a standalone product and on any
kits and co-formulations of HYLENEX recombinant with Baxter or other
non-proprietary small molecule drugs. The agreement does not include
combinations of HYLENEX recombinant with cytostatic and cytotoxic
chemotherapeutic agents, the rights to which have been retained by Halozyme.
In addition, Baxter will now assume all development, manufacturing, clinical,
regulatory, sales and marketing costs.
"HYLENEX recombinant is the first and only FDA-approved recombinant human
hyaluronidase drug product, and we are very proud to expand our relationship
with Baxter so that they may make this important drug available to as many
people as possible worldwide as a way to simplify the delivery of medications
and fluids and, ultimately, provide a more comfortable patient experience,"
said Jonathan Lim, MD, President and CEO of Halozyme.
"HYLENEX recombinant offers an innovative drug delivery technology for
small molecules and hydration fluids, and given Baxter's strong relationships
with clinicians and channel strength, Baxter is well positioned to bring this
technology to patients," said Daniel Tasse, general manager of Baxter
Pharmaceuticals and Technologies, part of Baxter's Medication Delivery
business. "Our priority this year is to continue to complete clinical trials,
engage key opinion leaders and build clinical foundations with centers of
excellence in a number of important clinical settings in preparation for our
expanded HYLENEX recombinant launch this year."
HYLENEX recombinant (hyaluronidase human injection) is indicated as an
adjuvant to increase the absorption and dispersion of other injected drugs, as
an adjuvant for subcutaneous fluid administration (hypodermoclysis), and as an
adjunct in subcutaneous urography for improving resorption of radiopaque
agents. Hyaluronidase is contraindicated in patients with hypersensitivity to
hyaluronidase enzyme or any other ingredients in the formulation.
Hyaluronidase should not be used to enhance the absorption and dispersion of
dopamine and/or alpha agonist drugs. Discontinue HYLENEX recombinant if
sensitization occurs. Hyaluronidase should not be applied directly to the
cornea, and should not be injected around infected or acutely inflamed areas,
nor used to reduce the swelling of bites or stings. Hyaluronidase should not
be used for intravenous injections because the enzyme is rapidly inactivated.
Furosemide, the benzodiazepines, and phenytoin are incompatible with
hyaluronidase. Please see accompanying package insert for full Prescribing
About Baxter Healthcare Corporation
Baxter Healthcare Corporation is the principal U.S. operating subsidiary
of Baxter International Inc. (NYSE: BAX). Baxter International Inc., through
its subsidiaries, assists healthcare professionals and their patients with the
treatment of complex medical conditions, including cancer, hemophilia, immune
disorders, kidney disease and trauma. The company applies its expertise in
medical devices, pharmaceuticals and biotechnology to make a meaningful
difference in patients' lives.
About Halozyme Therapeutics, Inc.
Halozyme is a biopharmaceutical company developing and commercializing
recombinant human enzymes for the drug delivery, palliative care, oncology,
and infertility markets. The company's portfolio of products is based on
intellectual property covering the family of human enzymes known as
hyaluronidases. The company's Enhanze(TM) Technology is a novel drug delivery
platform designed to increase the absorption and dispersion of biologics. In
addition, the company has received FDA approval for two products: Cumulase(R)
and HYLENEX recombinant, for use as an adjuvant to increase the absorption and
dispersion of other injected drugs and fluids. The Company also has a number
of different enzymes in its portfolio that are targeting significant areas of
Safe Harbor Statement
This release includes forward-looking statements concerning the companies'
expectations related to the expanded relationship between Halozyme and Baxter.
The statements are based on assumptions about many important factors,
including the following, which could cause actual results to differ materially
from those in the forward-looking statements: the anticipated timing of
regulatory filings and the success of certain regulatory events regarding
gaining regulatory approval for the products described in this release
including those products under development; the effectiveness of the products
described in this release including those products under development; the
ability of Baxter to effectively capitalize on drug-delivery platform
opportunities in existing and new markets; demand for and market acceptance
for the products described in this release including those products under
development; the impact of competitive products and pricing, including generic
competition, drug re-importation and disruptive technologies; internal and
external factors that could impact commercialization; and other risks
discussed in each company's filings with the Securities and Exchange
Commission (SEC) that could cause actual results to differ materially from
those in the forward-looking statements. Each company's SEC filings are
available on its respective website. The companies do not undertake any
obligation to update any forward-looking statements as a result of new
information, future events, changes assumptions or otherwise, and all
forward-looking statements speak only as of the time when made. Actual
results or experience could differ materially from the expectations contained
in the forward-looking statements.
HYLENEX is a trademark of Baxter International, Inc.
Cumulase and Enhanze are trademarks of Halozyme Therapeutics, Inc.
Halozyme Contacts Baxter Contacts
David A. Ramsay Mary Kay Ladone
Chief Financial Officer (847) 948-3371
(858) 794-8881 or
firstname.lastname@example.org Clare Trachtman
or (847) 948-3085
Don Markley Media:
Lippert/Heilshorn & Associates Erin Gardiner
(310) 691-7100 (847) 948-4210
Media: Deborah Spak
Karen Sparks (847) 948-2349
(858) 455-5500, x275
SOURCE Halozyme Therapeutics, Inc.
Investors, David A. Ramsay, Chief Financial Officer of Halozyme Therapeutics, Inc.,
+1-858-794-8881, email@example.com; or Don Markley of Lippert/Heilshorn &
Associates, +1-310-691-7100, firstname.lastname@example.org, for Halozyme Therapeutics, Inc.; or
Media, Karen Sparks of Mentus, +1-858-455-5500, ext. 275, email@example.com, for
Halozyme Therapeutics, Inc.; or Investors, Mary Kay Ladone, +1-847-948-3371, or Clare
Trachtman, +1-847-948-3085, or Media, Erin Gardiner, +1-847-948-4210, or Deborah
Spak, +1-847-948-2349, all for Baxter Healthcare Corporation