Hylenex recombinant is indicated as an adjuvant to increase the absorption and dispersion of other injected drugs.
Under the terms of the agreements, Baxter will pay Halozyme an 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.
“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,” said Daniel Tasse, general manager of Baxter Pharmaceuticals and Technologies, part of Baxter's Medication Delivery business.