Halozyme Therapeutics Inc (HALO)

[rod5247]

If memory serves, Roche is $47 million milestones per target. Roche also bought stock.

Pfizer is $507 million max milestones for 6 targets and $4 million upfront for each target selected.

Janssen is $566 million max milestones for 5 targets. $15 million upfront but how many targets selected. I will guess 3.

The deals are getting sweeter on the front end and again I guess the royalties will remain in mid single digits for these big deals.

Halo needs cash now to get Peg to market, more than it will need a higher royalty in 7 years that may or may not happen. A bird in hand.

As Miller pointed out from the transcript, Mr. Ramsay was looking for a $10 million range. Did Janssen add a third named target or is another deal close?