SAN DIEGO, Nov. 14 /PRNewswire-FirstCall/ -- Halozyme Therapeutics, Inc. , a biopharmaceutical company developing and commercializing products based on the extracellular matrix, today announced that its Board of Directors amended the Rights Agreement previously adopted on May 4, 2006 (the "Rights Agreement") in order to increase the ownership threshold for triggering the stockholder rights granted pursuant to the Rights Agreement from a fifteen percent (15%) ownership interest to a twenty percent (20%) ownership interest.
The Rights Agreement is intended as a means to guard against any potential use of takeover tactics designed to gain control of Halozyme without paying all stockholders full and fair value. Under the Rights Agreement, certain stockholder rights will become exercisable if a stockholder (defined as an "Acquiring Person" in the Rights Agreement) acquires a certain percentage of the Company's outstanding shares without first obtaining the prior approval of the Company's Board of Directors. The applicable threshold for an Acquiring Person to trigger these stockholder rights was initially fifteen percent (15%), however that triggering threshold was increased to twenty percent (20%) through the amendment adopted on November 12, 2007.
About Halozyme Therapeutics, Inc.
Halozyme is a biopharmaceutical company developing and commercializing products based on the extracellular matrix for the drug delivery, oncology and dermatology markets. The company's portfolio of products and product candidates is based on intellectual property covering the family of human enzymes known as hyaluronidases. The company's Enhanze Technology is a novel drug delivery platform designed to increase the absorption and dispersion of biologics. Its key partnerships are with Roche to apply Enhanze Technology to Roche's biological therapeutic compounds for up to 13 targets and with Baxter to apply Enhanze Technology to Baxter's biological therapeutic compound, GAMMAGARD LIQUID 10%. In addition, the company has received FDA approval for two products: Cumulase(R), for use in in-vitro fertilization, and HYLENEX, for use as an adjuvant to increase the absorption and dispersion of other injected drugs and fluids. HYLENEX is partnered with Baxter International Inc. The Company also has a number of different enzymes in its portfolio that are targeting significant areas of unmet need.
dramsay@halozyme.com dmarkley@lhai.com
CONTACT: David A. Ramsay, Chief Financial Officer of Halozyme
Therapeutics, Inc., +1-858-704-8260, dramsay@halozyme.com; or Investor
Relations, Don Markley of Lippert|Heilshorn & Associates, +1-310-691-7100,
dmarkley@lhai.com, for Halozyme Therapeutics, Inc.
Web site: http://www.halozyme.com/
