Halozyme Therapeutics completed its acquisition of Elektrofi, Inc. on November 18, 2025, finalizing a deal that began with a definitive agreement announced on September 30. The transaction includes an upfront payment of $750 million and up to three milestone payments of $50 million each, for a maximum total consideration of $900 million.
Elektrofi’s Hypercon platform delivers biologics at concentrations of 400–500 mg/mL, roughly five times higher than conventional aqueous solutions. By integrating Hypercon into its existing ENHANZE portfolio, Halozyme can offer even smaller injection volumes for high‑dose biologics, expanding at‑home and office administration options and creating new revenue opportunities.
Financially, the acquisition is expected to add an incremental operating expense of about $55 million in 2026, while the deal is projected to be less than 5 % dilutive to Halozyme’s non‑GAAP diluted earnings per share over the medium term. Royalty revenue from Hypercon is projected to begin as early as 2030, and the company anticipates up to $275 million in milestone payments from two partner programs that are slated to enter clinical development by the end of 2026.
The purchase aligns with Halozyme’s strategy of building a durable, royalty‑centric revenue model. The Hypercon technology complements the ENHANZE platform’s high‑margin royalty streams and extends the company’s reach into ultra‑high‑concentration biologics, positioning Halozyme to capture additional market share in the growing subcutaneous biologics market.
Dr. Helen Torley, President and CEO, said the acquisition “adds an additional high‑growth potential, royalty revenue business that is complementary to the strong ENHANZE royalty business” and reinforces the company’s mission to transform how vital medicines are delivered. Analysts have noted the acquisition as a positive development, citing Halozyme’s recent earnings beat and guidance raise as evidence of strong execution and confidence in long‑term growth.
With the Hypercon platform now part of its portfolio, Halozyme is poised to generate new long‑term royalty streams that complement its existing royalty business, reinforcing its strategy of sustained, high‑margin growth. The acquisition also strengthens the company’s competitive position in the drug‑delivery technology space, providing a broader technology offering to partners and a clearer path to expanding its market footprint.
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