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Halozyme's Cancer Drug Fails To Meet Primary Endpoint; To Cut Jobs

Halozyme Therapeutics, Inc. (HALO) said Monday that the HALO-301 late-stage clinical study evaluating investigational new drug PEGPH20 as a first-line therapy for treatment of patients with metastatic pancreas cancer failed to reach the primary endpoint of overall survival.

The company said it plans to halt development activities for PEGPH20 and and close its oncology operations. It will implement an organizational restructuring to focus its operations solely on its ENHANZE drug delivery technology.

The company noted that it will reduce headcount by about 55%, or 160 positions, with over 80% of the reduction completed in early January 2020.

The restructuring efforts will save $130 million to $140 million in 2020 compared with the Company's most recent guidance for 2019 operating expenses excluding cost of goods sold.

Halozyme anticipates becoming a sustainably profitable company beginning in the second quarter of 2020.

The company expects to book separation and contract termination fees in the fourth quarter of 2019.

Halozyme's Board authorized the company to repurchase up to $350 million of the Company's outstanding common stock over the next three years.

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