Halozyme Therapeutics announced on October 1, 2025 that it would acquire privately held Elektrofi, Inc. for $750 million in cash, with up to three $50 million milestone payments contingent on the successful marketing approvals of three Hypercon™ products. The deal adds Elektrofi’s breakthrough hyper‑concentrated microparticle technology, which enables biologics to be formulated at 400–500 mg/mL, a 4–5× increase over current aqueous solutions, and supports smaller injection volumes for at‑home or office use.
The acquisition expands Halozyme’s high‑margin licensing model beyond its core ENHANZE platform. By integrating Hypercon technology, Halozyme can offer a broader range of delivery solutions, including high‑volume auto‑injectors and small‑volume devices, and can license the technology to partners seeking ultra‑concentrated formulations. The transaction is expected to be less than 5% dilutive to non‑GAAP diluted EPS over the medium term, with incremental operating expenses of approximately $55 million in 2026 and a projected net leverage ratio of about 2× immediately after closing.
The deal is slated to close in the fourth quarter of 2025, subject to customary regulatory and closing conditions. Halozyme’s board and Elektrofi’s board unanimously approved the agreement, and the company reaffirmed its 2025 guidance ranges, noting that the transaction will not materially affect its revenue or profitability outlook for the year. The acquisition positions Halozyme to capture new licensing and royalty streams beginning as early as 2030 and strengthens its long‑term growth trajectory into the 2040s.
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