Halozyme Therapeutics, Inc.

Halozyme’s moat is built on switching costs, partner integration, and a defended IP estate. ENHANZE enables rapid subcutaneous administration of large‑volume biologics, saving infusion center time and supporting patient preference. Once integrated, partners tend to scale indications and geographies, reinforcing long‑duration, high‑margin royalties.

The portfolio spans oncology and neurology across Roche, J&J, BMS, argenx, Takeda and others, with 10 commercial products and a 100% regulatory approval track record on filed ENHANZE programs.

Patent durability improved in Europe to March 2029. Risks include technological substitutes (alternative hyaluronidases or high‑concentration formulations without hyaluronidase) and litigation around non‑ENHANZE IP in the PD‑1 class. The Elektrofi deal adds a second, complementary technology to extend relevance beyond current patents.