Halozyme Therapeutics, Inc. (NASDAQ: HALO) today announced that AbbVie has dosed the first subject in a clinical trial evaluating the safety and pharmacokinetics of adalimumab with Halozyme's proprietary ENHANZE™ technology.
"We are pleased that the first product candidate with AbbVie has been advanced into clinical testing just seven months after forming our collaboration agreement," said Dr. Helen Torley, president and chief executive officer. "The progress is encouraging as we seek to help an even broader population of patients with our ENHANZE platform."
The initiation of clinical evaluation triggered a $5 million milestone payment to Halozyme under the Collaboration and License Agreement between the companies.
Halozyme's ENHANZE technology is based on a proprietary recombinant human enzyme (rHuPH20) that temporarily degrades hyaluronan, a glycosaminoglycan or chain of natural sugars in the body, to aid in the dispersion and absorption of other injected therapeutic drugs.
Halozyme Collaboration with AbbVie
In June 2015, Halozyme and AbbVie entered into a collaboration and license agreement. Under the terms of the agreement, Halozyme has granted to AbbVie a worldwide license to develop and commercialize products for up to nine targets, combining rHuPH20 with AbbVie's proprietary compounds. Halozyme received an initial payment of $23 million, and is eligible to receive additional payments upon AbbVie's achievement of specified development, regulatory and sales-based milestones, totaling up to $130 million per target. Halozyme is also entitled to tiered royalty payments based on net sales of products using the ENHANZE™ technology.
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