HALOZYME THERAPEUTICS, INC. acquires Elektrofi, Inc.

HALOZYME THERAPEUTICS, INC. acquired Elektrofi, Inc. for $750 million upfront plus up to three $50 million milestone payments (up to $900 million total), a transaction completed in November 2025, structured as cash upfront plus contingent regulatory milestone payments.

Elektrofi, Inc. operates in Drug delivery technology (ultra-high concentration microparticle formulation for biologics), is based in Boston, Massachusetts. Halozyme acquired Elektrofi, Inc., a Boston-based biopharmaceutical formulation technology company, under an Agreement and Plan of Merger dated September 30, 2025. The transaction comprised a $750 million upfront payment plus up to three $50 million milestone payments contingent on three separate product regulatory approvals. Elektrofi's breakthrough Hypercon ultra-high concentration microparticle technology enables high protein concentration and reduced injection volume for biologics, expanding opportunities for at-home and healthcare-provider administration. Halozyme acquired Elektrofi to expand its drug delivery technology offerings and extend its licensing/royalty-revenue model and long-duration IP into the 2040s.

We acquired Elektrofi as a part of our strategy to expand our drug delivery technology offerings.

Elektrofi's Hypercon technology offers a highly scalable licensing model with long-duration IP into the 2040s; royalty revenue contribution was expected to begin as early as 2030, with two partner programs projected to begin Hypercon-formulated clinical development by year-end 2026. Extends Halozyme's drug delivery licensing/royalty franchise alongside ENHANZE and Antares auto injector platforms; strengthens long-term growth into the 2040s with potential for individual product IP extension through proprietary reformulation. Elektrofi acquired as a wholly owned subsidiary and integrated into Halozyme's drug delivery technology business.