Here's Why Halozyme Therapeutics, Inc. Is Soaring Today
Shares of Halozyme Therapeutics (NASDAQ: HALO), a small-cap biotech focused on creating products that help other drugs work more effectively, rose by 16% as of 10:45 a.m. EDT on Thursday. Investors can thank a trio of positive news announcements -- including two new deals with a couple of big pharma companies -- for today's big move.
Here's a review of the three announcements that caused traders to cheer today.
First, Halozyme announced that it has licensed its proprietary Enhanze drug-delivery technology to Roche (NASDAQOTH: RHHBY) for exclusive development of an "undisclosed therapeutic target." The deal calls for Roche to provide Halozyme with a $30 million up-front payment and the ability to earn up to $160 million in additional payments plus royalties if all milestones outlined in the agreement are met.
Source: Fool.com
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