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Halozyme Reports Third Quarter 2019 Results
SAN DIEGO, Nov. 12, 2019 /PRNewswire/ -- Halozyme Therapeutics, Inc. (NASDAQ: HALO) today reported financial results for the third quarter ended September 30,
About this update from Halozyme Therapeutics, Inc.
[{"type":"text","content":"SAN DIEGO, Nov. 12, 2019 /PRNewswire/ -- Halozyme Therapeutics, Inc. (NASDAQ: HALO) today reported financial results for the third quarter ended September 30, 2019 and provided an update on its recent corporate activities and outlook.\n\"We have transitioned our strategy to focus solely on our high-growth, high-margin ENHANZE® drug delivery technology,\" said Dr. Helen Torley, president and chief executive officer. \"With profitability anticipated in the second quarter of 2020 and a long runway for growth with ENHANZE®, we are in a strong position to build value and return capital to investors.\"\nThird Quarter 2019 and Recent Highlights Include:\nIn November 2019, the Company announced strategic actions to reposition the Company with a focus solely on its ENHANZE® drug delivery technology following the announcement that the HALO-301 Phase 3 study did not meet its primary endpoint. In order to implement this strategic shift, the Company initiated an organizational restructuring to close its oncology operations. Headcount will be reduced by approximately 55%, or approximately 160 positions, with over 80% of the reduction completed in early January 2020. Upon completion of the restructuring and after booking all related one-time charges, Halozyme anticipates becoming a sustainably profitable company beginning in the second quarter of 2020. In November 2019, the Company announced that the Board of Directors has authorized the initiation of a capital return program to repurchase up to $350 million of the Company's outstanding common stock over the next three years. The Board will regularly review this capital return program in connection with a balanced capital allocation strategy. In October 2019, collaboration partner Roche nominated one new undisclosed target to be studied utilizing the ENHANZE® technology, triggering a $10 million milestone payment to Halozyme. In October 2019, collaboration partner Bristol-Myers Squibb initiated a Phase 1 study of relatlimab in combination with nivolumab utilizing the ENHANZE® technology. In September 2019, Roche announced that the global Phase 3 FeDeriCa study met its primary endpoint. The FeDeriCa study investigated a fixed-dose combination of pertuzumab (Perjeta®) and trastuzumab (Herceptin®) for subcutaneous administration using Halozyme's ENHANZE® drug delivery technology in combination wi...