Halozyme (HALO) Therapeutics announced it has entered into a definitive agreement to acquire Elektrofi, a biopharmaceutical company with a breakthrough ultra-high concentration microparticle technology for biologics, branded Hypercon. The transaction, which is comprised of an upfront payment of $750M and up to three $50M milestone payments contingent on three separate product regulatory approvals, was unanimously approved by the Boards of Directors of both Halozyme and Elektrofi. The company expects its net leverage to be increased to approximately 2X net debt-to-EBITDA immediately following the transaction close and expects to rapidly de-lever in the subsequent quarters. The transaction is expected to close in 4Q 2025, subject to completion of HSR review and other customary closing conditions.
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