Halozyme Therapeutics, Inc. announced a global collaboration and license agreement with Chugai Pharmaceutical Co. Ltd. that gives exclusive access to Halozyme's ENHANZE® drug delivery technology, recombinant human hyaluronidase PH20 enzyme (rHuPH20), for an undisclosed target. Chugai intends to explore the potential use of ENHANZE® for a Chugai drug candidate.

Under the terms of the agreement, Chugai will make an upfront payment of $25 million to Halozyme and is obligated to make potential future payments of up to $160 million in the aggregate, subject to achievement of specified development, regulatory and sales-based milestones. Halozyme will also be entitled to receive royalties on sales of commercialized medicines using the ENHANZE® technology. Chugai represents Halozyme's twelfth global collaboration and license partner for the ENHANZE® technology.

These collaborations cover more than 60 therapeutic targets and include five commercialized products to date.