Halozyme Therapeutics Inc. (HALO) announced through PRNewswire Nov. 21 that the “development program using the Halozyme ENHANZE™ platform technology and the tumor necrosis factor alpha (TNF-alpha) target” has been ceased by AbbVie Inc. (ABBV, Financial) because of unsatisfactory phase 1 study outcomes.
Halozyme’s ENHANZE™ drug delivery platform is a technology that overcomes the constraints represented by the extracellular matrix, the distinctive element of the connective tissue consisting of a plethora of proteins and polysaccharides, to the effective delivery of many drugs that are injected under the skin.
The company says the technology uses “the patented recombinant human hyaluronidase enzyme (rHuPH20)” and “the delivery platform has been shown in studies to significantly reduce health care practitioner time required for drug administration.”
The end of Halozyme ENHANZE™ platform technology and the TNF-alpha target development program by AbbVie will not have an impact on the collaborative relationship between the two companies which instead will go on working closely to find “additional targets for co-development under their 2015 Global Collaboration and Licensing agreement,” according to PRNewswire.
Halozyme is a biotechnology company engaged in the development and sale of innovative cancer therapies.
Halozyme Therapeutics is trading at $12.30 per share, down 4.13% from the previous trading day. The company has a market capitalization of $1.58 billion and approximately 129.49 million shares outstanding. The company has $221.05 million in cash on hand and securities ready to be converted into cash. The long-term debt amounted to $199.80 million as of the third quarter.
AbbVie is a member of the Standard & Poor's 500.
AbbVie is trading at $60.39, up 1 cent per share or 0.02% from the previous trading day. The 52-week range is between $50.71 per share and $68.12 per share.
The stock is more volatile than the stock market (beta = 1.46) and underperformed with 5.38% the S&P 500 year to date.
AbbVie has a market capitalization of $96.26 billion and 1.63 billion shares outstanding. The percentage of shares held by insiders is 0.10% and by institutions is 73.60%.
The number of shares available for trading is 1.62 billion. The price-earnings (P/E) ratio (TTM) is 16.34, the EPS (TTM) is $3.7 per share, the dividend yield is 4.07%, and the payout ratio is 60%.
The company has approximately $7.95 billion in cash on hand or $4.89 per share. The total debt (mrq) is $37.31 billion, and the book value per Sshare (mrq) is $3.98.
Disclosure: I have no positions in AbbVie Inc. or in Halozyme Therapeutics.
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