Halozyme Therapeutics Inc (HALO)

[rod5247]

Murdo Gordon - Bristol-Myers Squibb Co.

Yeah. Thanks, Gregg. On Halozyme, we're really excited about this opportunity to partner with them on their technology. And yes, you highlight, there's definitely a large patient convenience and infusion chair time benefit to having an injectable version, versus an infusion version of our products.

But we also have to think beyond this, in terms of where site of care may take place in the future. It is possible that site of care may move from academic hospitals, academic cancer centers, to more office-based treatment, particularly if patients are on these treatments beyond a one-year timeframe and they have large travel distances. So that's one area.

The other thing to think about is, at least in the U.S., an injectable product will be reimbursed through a different payment channel, so that's something to think about as a potential advantage in the future. And last but not least, we have over 11 different assets in this agreement that we could use potentially in combination with one another in different ways, that this technology might allow us to improve again how patients receive their administrations.

Now, this is also something that is related to new payment models going forward in terms of outcomes for patients. And I think patient reported outcomes and how they experience treatment could be important. So there's a number of different strategic advantages to that agreement.