Merus and Halozyme Form Partnership and Licensing Deal for Petosemtamab
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 17 2025
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Collaboration Announcement: Merus (MRUS) and Halozyme Therapeutics (HALO) have entered into a global non-exclusive collaboration and license agreement.
Technology Licensing: Merus has licensed Halozyme's ENHANZE drug delivery technology for the subcutaneous administration of petosemtamab, an EGFR x LGR5 bispecific antibody.
Financial Terms: The agreement includes an upfront payment from Merus to Halozyme, along with potential future milestone payments based on commercial success.
Royalty Structure: Halozyme will receive low to mid-single digit royalties on net sales of petosemtamab formulated with the ENHANZE technology during the royalty term.
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Analyst Views on HALO
Wall Street analysts forecast HALO stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for HALO is 78.00 USD with a low forecast of 56.00 USD and a high forecast of 92.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
7 Analyst Rating
4 Buy
2 Hold
1 Sell
Moderate Buy
Current: 73.340
Low
56.00
Averages
78.00
High
92.00
Current: 73.340
Low
56.00
Averages
78.00
High
92.00
About HALO
Halozyme Therapeutics, Inc. is a biopharmaceutical company advancing solutions to improve patient experiences and outcomes for emerging and established therapies. The Company's commercially-validated solution, ENHANZE drug delivery technology with the proprietary enzyme rHuPH20, is used to facilitate the subcutaneous delivery of injected drugs and fluids, with a focus on improving the patient experience with rapid subcutaneous delivery and reduced treatment burden. The Company licenses its technology to biopharmaceutical companies to collaboratively develop products that combine ENHANZE with its partners’ proprietary compounds. It also develops, manufactures and commercializes, for itself or with partners, drug-device combination products using its advanced auto-injector technologies. The Company has two commercial proprietary products, Hylenex and XYOSTED. It also has a proprietary ultra-high concentration microparticle formulation technology for biologics, branded Hypercon.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Halozyme Updates Preliminary 2025 Financial Estimates and Raises 2026 Guidance
- 2025 Revenue Estimates: Halozyme anticipates total revenue of $1.385 to $1.4 billion for 2025, reflecting a year-over-year growth of 36% to 38%, indicating strong growth potential in its core business, particularly driven by sustained demand for patented products.
- 2026 Guidance Increase: The company raised its 2026 total revenue forecast to $1.71 to $1.81 billion, projecting a year-over-year growth of 23% to 30%, which underscores the robust growth of its royalty revenue expected to exceed $1 billion, growing by 30% to 35%.
- Acquisition of Surf Bio: Halozyme acquired Surf Bio for an upfront payment of $300 million, with potential milestone payments of up to $100 million, aiming to leverage its hyperconcentration technology to enhance the delivery efficiency of antibodies and biologics, thereby expanding its drug delivery market.
- New Collaboration Agreements: In 2025, Halozyme signed three new ENHANZE collaboration agreements along with multiple auto-injector commercial licensing agreements, demonstrating its strategic expansion and enhanced market penetration capabilities in the drug delivery sector.
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Halozyme Raises 2026 Financial Guidance and Acquires Surf Bio
- 2025 Revenue Estimates: Halozyme anticipates total revenue for 2025 to reach between $1.385 billion and $1.4 billion, reflecting a year-over-year growth of 36% to 38%, which underscores the robust momentum of its core business in the biopharmaceutical sector.
- 2026 Financial Outlook: The company has raised its 2026 total revenue guidance to between $1.71 billion and $1.81 billion, with expected year-over-year growth of 23% to 30%, while projecting royalty revenue to exceed $1 billion, growing at 30% to 35%, indicating sustained market demand and a strong business model.
- Acquisition of Surf Bio: Halozyme acquired Surf Bio for an upfront payment of $300 million, with potential milestone payments up to $400 million, aimed at leveraging its innovative hyperconcentration technology to enhance the delivery of antibodies and biologics, thereby expanding its drug delivery portfolio.
- Strategic Partnership Expansion: In 2025, Halozyme signed three new ENHANZE collaboration agreements and multiple auto-injector development agreements, further strengthening its competitive position in drug delivery and laying the groundwork for future revenue growth.
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