The bear case and the bull case for Halo in this question and answer:
"Rotonti: What do you say to those that say Halozyme is a one-product company facing a patent cliff?
Tran: Halozyme's European and U.S. patents expire in a few years. However, this is already contemplated in their contracts. Many of these contracts are for 10-plus years, regardless of the patent expiration. In other cases, their contracts have a step down in rates. Finally, Halozyme is not resting on their laurels and continues to sign new partnerships and add new capabilities. We believe you have a lot of optionality with Halozyme. "