epcjmc, I think we both, and all other posters with us, can frame the picture on that one, so I guess you are looking for confirmation of what you probably already think.
Well, I think the same :) and that is:
HALO->Enhanze->J&J Janssen->Darzalex->CDMO->rHuPH20->production manufacturer = Abigail invests in CDMO
(oh, what a coincidence, didn't I mention Darzalex and J&J before this listing in my earlier post this morning on diversification :)
NOTE: Darzalex is one of the J&J J race horses. In the recent reporting J&J has beaten estimates again for Darazlex.
Yes, the annual from HALO repeatedly mentioned and confirmed that CDMO was the production manufacturer of rHuPH20, and that Catalent did the clinical trial production (the inverse as many years ago when Cook did the production and PPHM-Avid the clinical trial production).
Given the way that CDMO Avid has since taken its place with the bigger boys in the CDMO industry, there is less and less reason for HALO to change that. There liability statement was mainly "...if Avid and Cook do not succeed in ...then..."
Abigail Johnson taking a stake in CDMO (and not a small one) means the following to me (EDUCATED SPECULATION):
1) There will be J&J Janssen business coming to CDMO soon
2) J&J has longer term plans, probably because they want to secure their rHuPH20 production. (I'll explain below why this is important for them)
3) They may be thinking behind the traditional Customer-Manufacturer relationship (LOL where did I hear that before today...HGEN's PR?)
Why is rHuPH20 production so important for Janssen? To understand that you must follow the conversion program for Darzalex from traditional infusion to sub. cut. with Enhanze. And it is an ambitious one!
Janssen CANNOT easily go back on that. If you start this and patients start to see the benefits, as will the hospitals, then stopping SC because you don't have rHuPH20 is a failure.
Secondly you need to understand what is going on with Merck. They like to block HALO's program, even by advancing candidates, starting clinical trial with possibly the intend to never finish them or fail them or have comparative data to their own SC program. If there is an HALO board member reading this he'll be shocked, but mark my words.
Roche, J&J J, etc are all dependent on HALO for their SC program and they CANNOT abandon SC because Merck has its own program and competition in immunotherapy and others will include the way (time needed) to administer the drugs. Certainly in an era that start to show the possibility of recurring pandemics (SARS, COVID, etc) patient exposure to others must be limited, certainly because they are all patients with a weakened immune system.
So, you should check, but could it be that Abigail also invested in HALO?
I think that we are seeing a strategical investment here which gives away an intend. The intend is to go more massively for Sub. Cut and to be sure that in a worse case a number of levers are ready to intervene in any hostile action that could prevent that.
Have I been sufficiently clear :)?
AIMO
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