Halozyme Therapeutics, Inc. announced that it has entered into a final agreement to purchase Elektrofi, Inc., a biopharmaceutical company that develops a revolutionary ultra-high concentration microparticle technology for biologics called Hypercon. The deal includes a $750 million upfront payment, along with up to three additional $50 million payments linked to regulatory clearances for certain products. Both companies’ boards of directors have approved the transaction unanimously.

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Elektrofi’s Hypercon technology provides a new way to make biologic medications reach much higher concentrations—up to 400 to 500 mg/mL—while still keeping them easy to inject. This is about four to five times more concentrated than regular aqueous biologic solutions. Increasing the concentration reduces the volume of the drug needed for each dose, making it easier to deliver using smaller devices like auto-injectors, including Halozyme’s own high-volume auto-injector for use in clinical or home settings.

Dr. Helen Torley, President and CEO of Halozyme, called the acquisition a key step in the company’s development. She noted that integrating Elektrofi’s Hypercon technology helps expand and diversify Halozyme’s drug delivery options, and creates a long-term licensing and royalty framework. She added that this positions the combined company for steady revenue growth and benefits for partners, patients, and shareholders.

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Chase Coffman, CEO and co-founder of Elektrofi, said the company was created to change how biologic treatments are given so patients can live more independently. He expressed confidence that working with Halozyme, which has a strong background in drug delivery licensing, will speed up the commercial success of Hypercon, grow partnerships, and boost existing collaborations.

Strategically, the acquisition supports Halozyme’s plan to expand its range of innovative drug delivery methods. The Hypercon approach opens up new ways to administer medications through the skin, which helps move toward at-home and in-office use of biologics by healthcare providers. The licensing model is scalable and fits well with Halozyme’s existing royalty-based approach that requires low capital. With long-lasting intellectual property that extends into the 2040s, the deal strengthens Halozyme’s drug delivery licensing platform and supports long-term revenue growth. Near-term value is expected from Elektrofi’s partnerships. Two partnership programs are projected to move into clinical development with Hypercon formulations by 2026 or earlier, unlocking up to $275 million in possible milestone payments. Royalty income from these programs is expected to start by 2030. Halozyme expects the acquisition will result in less than a 5% impact on non-GAAP diluted EPS over the medium term, excluding potential milestone rewards. The company also expects an additional operating expense of about $55 million in 2026. Halozyme has reaffirmed its full-year 2025 guidance: total revenue between $1,275 million and $1,355 million, fueled by royalty growth; adjusted EBITDA between $865 million and $915 million; and non-GAAP diluted EPS between $6.00 and $6.40, before considering the impact of the acquisition.

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