Biotech venture Halozyme will close its development program for PEGPH20 and instead zero in on delivery technology program. They will lay off 55% of their workforce, reports investment site Seeking Alpha.

What Happened?

The venture’s oncology operations will be cut representing 55% of its workforce. Most of the layoffs will complete the end of January, 20202. The restructuring will save about $130 million.

Who is Halozyme?

Halozyme is a clinical-stage biotechnology company focused on developing and commercializing lead proprietary program, investigational drug PEGPH20, applies a unique approach to targeting solid tumors, potentially providing increased tumor access for co-administered cancer therapies.

They are built on a foundation of value-driving partnerships with leading pharmaceutical companies including, Roche, Pfizer, Janssen, Baxalta, AbbVie and Lilly, for our ENHANZE™ drug delivery technology platform, which enables biologics and small molecule compounds currently administered intravenously to be delivered subcutaneously. This technology may also allow for more rapid delivery of therapies that are already delivered subcutaneously.

Source: Seeking Alpha

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