Halozyme Therapeutics raised USD 1.3 billion through an upsized convertible senior note offering, adding capital for debt refinancing, general corporate purposes, and potential strategic transactions as the drug-delivery company continues to diversify beyond its core ENHANZE platform.
The San Diego-based company increased the offering from a previously announced USD 1.05 billion. The 1.50% convertible senior notes mature in 2033 and carry an initial conversion price of approximately USD 139.84 per share, a 27.5% premium to Halozyme's September 17 closing price of USD 109.68. Halozyme also entered capped-call transactions intended to reduce potential dilution upon conversion.
Halozyme has been expanding its technology portfolio as key patents covering its ENHANZE recombinant hyaluronidase platform approach expiry. A principal US patent expires in 2027, although other patents and product-specific protections extend beyond that date. In 2025, the company acquired Elektrofi for USD 750 million upfront plus up to USD 150 million in milestones, adding an ultra-high-concentration formulation platform designed to enable subcutaneous delivery of biologics at lower injection volumes.