Halozyme Therapeutics down after $1.3 bln convertible bonds sale

Halozyme Therapeutics

07/11/2025 17:54

** Shares of Halozyme Therapeutics HALO.O down 1.1% to $67.67 amid broader market selloff on Fri after capital raise secured

    ** San Diego, California-based biopharma late Thurs announced pricing
     private offerings of $650 mln 0% convertible bonds (CBs) due 2031 and $650 mln 0.875% CBs due 2032

    ** Initial conversion price for the new CBs set at $87.20, a 27.5% premium to stock's last close of $68.39

    ** HALO shares on Thurs dipped 0.1% after co late Weds unveiled the offerings to repurchase its outstanding 0.25% CBs due 2027 and 1% CBs due 2028

** It intends to use remainder of net proceeds for working capital, capex, potential acquisitions, and possible additional debt paydown

** HALO early Fri said that Johnson & Johnson JNJ.N received FDA approval of Darzalex Faspro, co-formulated with HALO's Enhanze drug delivery technology, to treat adults with high-risk smoldering multiple myeloma (HR-SMM)

** HR-SMM is a pre-cancerous condition where abnormal cells accumulate in the bone marrow but do not cause symptoms of active multiple myeloma

** With move on the session, HALO shares up about 41% YTD

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))