Halozyme Therapeutics announced it has entered into a definitive agreement to acquire Elektrofi. The acquisition will see an upfront payment of $750 million. The deal also includes provisions for three potential $50 million milestone payments based on three separate products regulatory approvals and unanimous approval by both boards of directors of Halozyme and Elektrofi. The acquisition will see Halozyme acquire Elektrofi’s Hypercon, a breakthrough ultra-high concentration microparticle technology for biologics.¹

"This acquisition marks a pivotal step in Halozyme's evolution. With Elektrofi's Hypercon technology, we are expanding and diversifying our drug delivery technology offerings to the biopharma industry and positioning Halozyme for continued long-term revenue growth through Elektrofi's licensing, royalty revenue business model," said Dr. Helen Torley, president and chief executive officer of Halozyme. "We look forward to welcoming Elektrofi's talented team as we embark on our next chapter of drug delivery innovation to continue to drive value for all of our stakeholders including our partners, patients, and shareholders."

What is Hypercon?

Hypercon technology is a microparticle approach enabling high protein concentrations while maintaining syringe-ability (the ability to inject smoothly and easily).¹ Hypercon also enables biologic product formulation concentrations around 400-500 mg/ml, which is upwards of four-to-five times higher than standard aqueous solution formulations for biologics today.¹ Hypercon’s increased concentration allows for a decrease in injections for the same dosage, and creates additional opportunities for at-home and HCP office delivery.

"Since Elektrofi's founding, we have been committed to revolutionizing the delivery of biologic therapies so that patients can live life on their terms. Today's announcement brings us closer to achieving that vision. Halozyme's proven industry expertise and capabilities in developing drug delivery licensing businesses will advance our unique Hypercon technology, strengthen existing collaborations, support expansion into new partnerships and accelerate our commercialization strategy,” said Chase Coffman, chief executive officer and co-founder of Elektrofi.

What will the acquisition bring to Halozyme?

Halozyme expects the acquisition of Elektrofi to be a strong strategic fit as it extends Halozyme's vision and breadth of innovative drug delivery technologies by establishing new standards in convenience, accessibility and treatment options with broad portfolio of first-to-market proprietary technologies.¹ Additionally, the addition of Hypercon technology expands Halozyme’s scope of subcutaneous therapeutic with its ability to deliver highly concentrated biologics subcutaneously, while also holding potential expansion opportunities.¹ Halozyme believes the acquisition will bring long duration intellectual property into the future with expectations heading into the 2040’s, as Halozyme expects Hypercon to support long-term revenue growth opportunities, and enhance durability of its drug delivery licensing business model.

Halozyme also expects near-term inflection and value creation through initial partner products such as approved de-risked MoAs. Additionally, two of Elektrofi's partners are anticipated to begin clinical development on Hypercon formulated product by the end of 2026, with a pathway for significant growth to begin as early as 2030.¹ Royalty revenues are projected to begin in 2030, withupwards of $275 million in potential development and commercial milestone payments from Elektrofi's partner products which are expected to enter clinical development by 2026 or earlier.¹

Details of the deal

Halozyme will acquire Elektrofi for $750 million in upfront consideration, financed through Halozyme’s cash on its balance sheet and existing credit facility.¹ The remaining consideration is expected to be payable through three contingent milestones for the successful marketing approvals of three Hypercon products, which are valued at $50 million each.

Sources

1. Halozyme to Acquire Elektrofi, Expanding Our Offerings in Innovative Drug Delivery and Strengthening Long-Term Growth into 2040s Halozyme Therapeutics October 1, 2025 https://www.prnewswire.com/news-releases/halozyme-to-acquire-elektrofi-expanding-our-offerings-in-innovative-drug-delivery-and-strengthening-long-term-growth-into-2040s-302571888.html