Halozyme Therapeutics Inc (HALO)

[Fred Kadiddlehopper]

That's a hard question. I'll read the last 10k when I have more time which should help on that. I listened to the call and most of the analysts sounded surprised that Helen chose a company that had a commercial emphasis, so the focus was on that side of the business during most of the discussion. The non-commercial side certainly has a value, but I'm guessing it's not large. Helen did clearly explain the advantages of the sub-cu T replacement product in comparison to competition (no cross contamination as with patches, etc.) and for those reasons they might have a winner in that space. The question is how large is the market? What do you think it might be? (And thanks for clarifying the transaction cost.)