aibioHalozyme Therapeutics HALO offering, convertible notes, merger and buyback news
Top story · Sep 22, 2026 · aibio.space
Halozyme Therapeutics sells $1,500.0 million of 1.50% convertible notes
The Bank of New York Mellon Trust Company, N.A. is trustee. The company used $187.5 million of the net proceeds on capped calls and expects to buy back older convertible notes, and its cash and cash equivalents were $163.1 million at June 30, 2026.
- Ticker
- HALO
- Listing
- NASDAQ, United States
- Next date
- Nov. 19, 2026
- Chief executive
- Helen Torley
Desk view · Opinion · Updated Oct 22, 2026
Halozyme's royalty engine is running hot, with a patent fight and more debt alongside
Halozyme is a profitable royalty business that is growing fast and signing platform deals ahead of plan. The main uncertainties are the patent fight with Merck, reliance on two partner products and a debt load that is rising. The established royalties look secure for now, while the next waves are years away.
Read the full desk viewaibio.space Investor Rank · Opinion
7/10 Positive view
A profitable royalty business with revenue up 48% and raised guidance, carrying rising convertible debt and a Merck patent fight in which rulings have gone against it.
- Technology
- 2/2
- Odds
- 1/2
- Balance sheet
- 1/2
- Risk
- 1/2
- Momentum
- 2/2
Opinion only. The Investor Rank is aibio.space's opinion of the company's business position, drawn from the public sources on this page. It is not a recommendation to buy, sell or hold any security and it is not investment advice. It does not consider the share price, valuation or your circumstances, and it can change at any time. Payments from companies never affect it. How the rank works.
- Technology
- Commercially proven. ENHANZE is used in ten commercialized products, and Hypercon and Surf Bio extend it to higher-concentration formulations.
- Odds
- Strong on approved products, uncertain on new waves. Royalty streams from marketed drugs are established, while most new partner programs are early and carry usual attrition.
- Balance sheet
- Cash generative but taking on debt. $231.9 million of cash at June 30 and $2.18 billion of convertible principal, rising with the $1.3 billion September offering.
- Main risk
- The Merck patent dispute. The patent board has struck down every challenged claim in four final decisions, and Halozyme's infringement suit over subcutaneous Keytruda is pending.
- Watch next
- The Nov. 19 German appeal hearing. It will test the injunction Halozyme won against Merck's subcutaneous Keytruda in Germany.
Top news on Halozyme
- Debt Financing
Halozyme Therapeutics sells $1,500.0 million of 1.50% convertible notes
The Bank of New York Mellon Trust Company, N.A. is trustee. The company used $187.5 million of the net proceeds on capped calls and expects to buy back older convertible notes, and its cash and cash equivalents were $163.1 million at June 30, 2026.
- Financings
Halozyme prices upsized $1.3 billion convertible offering and retires older notes
The 1.50% notes due 2033 convert at about $139.84 a share, a 27.5% premium to the Sept. 17 close. Part of the proceeds repurchases 2027 and 2028 notes and pays for capped calls.
- Debt Financing
Halozyme plans $1.05 billion convertible notes offering
Halozyme intends to offer $1.05 billion of convertible senior notes due 2033, with a 13-day option for up to $150 million more. Rate and conversion terms will be set at pricing, and the release names no bank.
- Debt Financing
Halozyme expands revolver to $750,000,000 and proposes two $650 million convertible note offerings
Halozyme amended its credit agreement to raise the revolver to $750,000,000, with nothing drawn. It also proposed two $650 million convertible note offerings, with terms to be set at pricing.
- Mergers
Halozyme signs merger agreement to acquire Elektrofi for $750 million in cash upfront
Halozyme could also owe up to three $50 million milestone payments tied to product regulatory approvals. Closing requires the Hart-Scott-Rodino waiting period to expire or end, and a $36 million reverse termination fee applies in certain cases.
Questions investors ask
What is aibio.space's Investor Rank for Halozyme Therapeutics?
7 out of 10, our positive view. A profitable royalty business with revenue up 48% and raised guidance, carrying rising convertible debt and a Merck patent fight in which rulings have gone against it. This is opinion only, not a recommendation to buy, sell or hold, and it does not consider the share price or valuation. Source
What is Halozyme's ENHANZE technology?
ENHANZE is Halozyme's drug-delivery platform built on the enzyme rHuPH20. It facilitates subcutaneous delivery of injected drugs and fluids, and Halozyme says it has reached more than one million patients through ten commercialized products. Source
What was Halozyme's revenue in the second quarter of 2026?
Total revenue was $481.0 million, up 48% from a year earlier, and royalty revenue was $307.7 million. Halozyme raised 2026 revenue guidance to $1.835 billion to $1.910 billion. Source
What is Halozyme's dispute with Merck about?
Halozyme says patents in its MDASE portfolio cover an ingredient in Merck's subcutaneous Keytruda and sued in April 2025. Merck says the patent board has found every challenged claim unpatentable in four final decisions, and the New Jersey case is pending. Source
What are Halozyme's convertible notes due 2033?
Halozyme priced $1.3 billion of 1.50% convertible senior notes due 2033 on Sept. 17, 2026, with an initial conversion price of about $139.84. Part of the proceeds repurchases some 2027 and 2028 convertible notes. Source
Who is the CEO of Halozyme?
Helen Torley is president and chief executive officer. Darren Snellgrove became chief financial officer on June 8, 2026. Source
What is the latest Halozyme Therapeutics (HALO) stock news?
Our latest story on Halozyme Therapeutics, dated Sep 22, 2026: "Halozyme Therapeutics sells $1,500.0 million of 1.50% convertible notes". The Bank of New York Mellon Trust Company, N.A. is trustee. The company used $187.5 million of the net proceeds on capped calls and expects to buy back older convertible notes, and its cash and cash equivalents were $163.1 million at June 30, 2026. Source
What is Halozyme Therapeutics's latest stock offering or financing news?
Our latest financing story, dated Sep 17, 2026: "Halozyme prices upsized $1.3 billion convertible offering and retires older notes". The 1.50% notes due 2033 convert at about $139.84 a share, a 27.5% premium to the Sept. 17 close. Part of the proceeds repurchases 2027 and 2028 notes and pays for capped calls. Source
Who were the underwriters or placement agents on Halozyme Therapeutics's offering?
From our story: The lenders and Bank of America, N.A., as administrative agent and swing line lender, are party to it, along with Halozyme, Inc. and other subsidiaries as guarantors. Source
How much cash does Halozyme Therapeutics have?
From our story of Sep 17, 2026: Cash, restricted cash and marketable securities were $231.9 million, up from $145.4 million at year-end. Source
Is Halozyme Therapeutics being acquired or merging?
Our latest merger story, dated Oct 3, 2025: "Halozyme signs merger agreement to acquire Elektrofi for $750 million in cash upfront". Halozyme could also owe up to three $50 million milestone payments tied to product regulatory approvals. Closing requires the Hart-Scott-Rodino waiting period to expire or end, and a $36 million reverse termination fee applies in certain cases. Source
What is Halozyme Therapeutics's market cap?
We do not publish live share prices. In its annual report, Halozyme Therapeutics, Inc. put the market value of shares held by non-affiliates (public float) at $4.50 billion as of Jun 30, 2025. Source
Is Halozyme Therapeutics a smaller reporting company?
SEC records list Halozyme Therapeutics, Inc.'s filer category as: Large accelerated filer. Source
Where is Halozyme Therapeutics headquartered?
SEC records list its business address as 12390 EL CAMINO REAL, SAN DIEGO, CA, 92130. Source
When does Halozyme Therapeutics's fiscal year end?
Halozyme Therapeutics, Inc.'s fiscal year ends on December 31, per SEC records. Source
Legal and investor matters
Item 1A of the 10-Q filed 2026-08-06 states that Halozyme is not currently a party to any legal proceedings whose adverse outcome management expects to have a material adverse effect on its statements of income or balance sheets. Neither the 10-Q filed 2026-05-11 nor the one filed 2026-08-06 mentions Merck, Keytruda or MDASE; Merck's 10-Q filed 2026-08-07 does. Source
- Litigation
Halozyme says Dutch court enjoined Merck's Keytruda SC in eight European countries
Halozyme announced on October 7, 2026 that the specialized patent court in The Hague found Merck infringing its MDASE patent EP 2,797,622 and ordered Merck's MSD BV to refrain from manufacturing, offering or placing on the market Keytruda SC in Belgium, Denmark, France, Ireland, Italy, Sweden, Switzerland and the Netherlands. Halozyme says the court also rejected Merck's arguments that the patent is invalid. The same release says Halozyme has sued Merck in U.S. federal district court in New Jersey, alleging infringement of 15 patents.
- Financing
Halozyme closes $1.5 billion of 1.50% convertible notes due 2033
On September 22, 2026, Halozyme completed the sale of $1,500.0 million of 1.50% Convertible Senior Notes due 2033 in a private placement to qualified institutional buyers. The amount includes $200.0 million bought by the initial purchasers through their option. The notes were issued under an indenture with The Bank of New York Mellon Trust Company, N.A. as trustee. The company had first proposed an offering of $1.05 billion on September 16, 2026.
- Litigation
Merck reports PTAB found challenged Halozyme MDASE claims unpatentable
Merck's 10-Q filed August 7, 2026 says the Patent Trial and Appeal Board has issued final written decisions on four of 14 instituted post-grant review petitions against Halozyme's MDASE patents, finding every challenged claim unpatentable. Merck says Halozyme's Director Review requests have been denied. Merck also states that Halozyme sued in New Jersey in April 2025 over 15 patents. Halozyme's own 2026 10-Qs do not discuss the matter.
- Governance
Halozyme amends bylaws on director removal and action without a meeting
On April 22, 2026, the Halozyme board amended the company's bylaws. Section 2.5 now provides that directors may be removed at any time, with or without cause, by holders of a majority of the shares entitled to vote at a director election. Section 1.12 was revised to clarify that stockholder action may not be taken without a meeting, consistent with the certificate of incorporation.
- Litigation
Halozyme says German court granted preliminary injunction against Merck's Keytruda SC
On December 4, 2025, Halozyme announced that a German court granted its request for a preliminary injunction ordering Merck to refrain from distributing and offering Keytruda SC in Germany. The Munich Regional Court found imminent infringement of European Patent No. 2 797 622. Halozyme said Merck's separate nullity action, begun in August 2025, was pending. Merck's 10-Q says it appealed and that the appeal hearing is set for November 19, 2026.
- Financing
Halozyme closes $1.5 billion of convertible notes due 2031 and 2032
On November 12, 2025, Halozyme completed the sale of $1,500.0 million of convertible senior notes, made up of $750.0 million of 0% notes due 2031 and $750.0 million of 0.875% notes due 2032. Each tranche includes $100.0 million bought through the initial purchasers' option. The 10-K filed February 17, 2026 says part of the proceeds funded capped call transactions and repurchases of 2027 and 2028 convertible notes.
- Litigation
Halozyme sues Merck over subcutaneous Keytruda in New Jersey
On April 24, 2025, Halozyme filed a patent infringement suit against Merck Sharp & Dohme Corp. in the U.S. District Court in New Jersey, alleging that subcutaneous Keytruda infringes patents protecting its MDASE delivery technology. Halozyme seeks damages and an injunction. Halozyme's December 2025 release says the suit alleges infringement of 15 patents, and Merck is marketing the product in the U.S. as QLEX.
Pipeline
| Program | Indication | Stage |
|---|---|---|
| Vyvgart Hytrulo (argenx, with ENHANZE) | Generalized myasthenia gravis, all serotypes; ocular MG Phase 3 positive | Approved; FDA approved all-serotype gMG in May 2026 Source |
| Darzalex Faspro (Janssen, with ENHANZE) | Multiple myeloma and related indications | Marketed; 13 approved indications cited by Halozyme Source |
| Subcutaneous amivantamab (Janssen, with ENHANZE) | Advanced head and neck squamous cell carcinoma | sBLA submitted to FDA (May 2026) Source |
| TAK-881 (Takeda, with ENHANZE) | Primary immunodeficiency | Positive Phase 2/3 topline (May 2026) Source |
| Hypercon agreements (Janssen, Lilly, argenx, Vertex, Oruka) | Hyperconcentrated subcutaneous formulations | Five agreements covering 17 targets; first approvals projected 2030 to 2031 Source |
Opinion · Devil's advocate
Fact-check-o-meter
Halozyme's record quarter is real, but the 10-Q flags a possible partner target return that the release leaves out
Halozyme's revenue and earnings figures match its 10-Q, and it has no clinical trials of its own to test. The main gap is that a possible partner target return that could trigger a material impairment is in the 10-Q but not the release. The Q2 release names the Merck patent case only in a non-GAAP footnote and the Q2 10-Q refers to it only as a patent infringement litigation case, while the 10-K describes the suit.
Press release vs filing · weight medium
Partner may return a target; release talks only of new deals
The company said: "Signed Five New ENHANZE® and Hypercon™ Collaboration Agreements YTD 2026, Exceeding Goal of Three for Full Year 2026" source
The record says: The 10-Q says "A partner is currently evaluating the potential return of a target", that the decision is now expected "by February 2027", and that a return without a replacement "could result in a material interim impairment charge to intangibles and/or goodwill". The table lists Elektrofi customer relationships at $450,590 thousand net. source
Our view: Deal count is a fair measure and the release states it accurately. The 10-Q adds a dated downside tied to the Elektrofi purchase that the release does not mention, and it is the kind of item that can change reported earnings.
Science · weight medium
Hypercon described as a new standard; the 10-Q says non-clinical
The company said: "Hypercon™ is an innovative microparticle technology expected to set a new standard in hyperconcentration of drugs and biologics" source
The record says: The 10-Q says the technology "has been demonstrated in non-clinical testing to enable hyperconcentration of drugs and biologics and reduce the injection volume for the same dosage". The 10-Q describes the collaborations as partners "attempting to formulate Hypercon technology with their existing drugs". source
Our view: The ENHANZE royalty stream rests on approved drugs with clinical records. Hypercon is earlier: the "new standard" claim is a forecast, and the proof will come from partner clinical programs that have not reported.
Press release vs filing · weight low
Adjusted EBITDA excludes the Merck litigation costs
The company said: "Adjusted EBITDA was $328.8 million, compared to $225.5 million in the second quarter of 2025." source
The record says: The reconciliation table adds back "Intellectual property litigation costs" of $6,936 thousand for the quarter, against $2,561 thousand a year earlier. GAAP net income was $229.9 million. The 10-Q attributes part of the SG&A increase to "litigation costs in connection with a patent infringement litigation case". source
Our view: The add-back is small, about 2% of adjusted EBITDA, and fully disclosed. It matters mainly because the cost has risen year over year and the case is still running, so the exclusion will keep affecting the comparison with GAAP results.
Legal and disclosure record · weight medium
No securities litigation disclosed; Halozyme is the plaintiff in a patent case
The record says: Per Merck's 10-Q, "In April 2025, Halozyme filed a complaint in the U.S. District Court for the District of New Jersey alleging that the Company's activities related to subcutaneous pembrolizumab infringe or will infringe 15 patents". In Germany, according to Merck, "a preliminary injunction was awarded against the Company, prohibiting sales in Germany" (the Company is Merck, so the injunction favors Halozyme), with the appeal hearing "set for November 19, 2026". Halozyme's own 10-Q lists no legal proceedings it considers materially adverse. No securities litigation or enforcement disclosed in the latest filing. source
Our view: The Merck outcome is the largest documented legal variable for Halozyme, and the German appeal on Nov. 19 is the next dated event. Halozyme's 10-K names Merck and describes the April 2025 suit and the December 2025 German injunction; the Q2 10-Q refers to the case only as a patent infringement litigation case.
Stock chart
SEC filings and registration
- SEC name
- Halozyme Therapeutics, Inc.
- CIK
- 1159036
- Industry (SIC)
- Biological Products, (No Diagnostic Substances) (2836)
- US tickers
- HALO (Nasdaq)
- State or country of incorporation
- DE
- Fiscal year ends
- December 31
- Filer category
- Large accelerated filer
- Business address
- 12390 EL CAMINO REAL, SAN DIEGO, CA, 92130
- Phone
- (858) 794-8889
- Shares outstanding
- 113,498,000 as of 2026-07-31 (10-Q filed 2026-08-06)
- Former names
- HALOZYME THERAPEUTICS INC; GLOBAL YACHT SERVICES INC
Recent filings
Who manages this page This page is managed by aibio.space. The company does not run, edit or pay for this page. News, desk views and Investor Ranks are written and managed independently by aibio.space under our editorial and analytical judgment. Opinion only, not investment advice. How we work · Terms · Request a correction