U.S. drugmaker Halozyme Therapeutics Inc said on Thursday it would license its drug delivery technology to Bristol-Myers Squibb Co and Swiss drugmaker Roche in separate collaborations.
Shares of Halozyme rose 12.7 percent to $14.85 in premarket trading after the company also raised its 2017 revenue forecast as a result of the deals.
The company now expects full-year revenue of $245 million to $260 million, compared with an earlier forecast of $115 million to $130 million.
Halozyme will receive $105 million upfront from Bristol-Myers, while Roche will pay $30 million upfront for Halozyme’s Enhanze technology that helps quicken the administration of injectable drugs.
Halozyme is also entitled to future payments of up to $160 million each from both deals, upon achieving development, regulatory and sales-based milestones.
Halozyme had licensed Enhanze to Roche in 2006 for the development of two cancer drugs.
(Reporting by Manas Mishra in Bengaluru; Editing by Sai Sachin Ravikumar)