HALOZYME THERAPEUTICS, INC. acquired Surf Bio, Inc. for $305.0 million total purchase consideration to selling shareholders (plus up to $100.0 million in contingent milestone payments), a transaction completed in December 2025, structured as All-cash acquisition of all outstanding equity interests via a merger agreement; accounted for as an asset acquisition (IPR&D) under ASC 805-50.
Halozyme acquired all outstanding equity interests of Surf Bio, Inc., a preclinical biopharmaceutical company developing a proprietary biologic hyperconcentration technology (a protective excipient and spray-dry approach) that enables high-concentration formulations of up to 500 mg/mL for subcutaneous delivery of antibodies and biologics in a single auto-injector shot.
Acquired as part of Halozyme's strategy to expand its drug delivery technology offerings and broaden its drug delivery portfolio, extending its royalty horizons with long-duration intellectual property into the mid-2040s.
During 2025, we advanced our strategic growth roadmap with the acquisitions of Elektrofi and their Hypercon technology and of Surf Bio and their hyperconcentration technology. Both hyperconcentration technologies have long-duration IP into the mid-2040s.Dr. Helen Torley, President and Chief Executive Officer, Halozyme Therapeutics, Inc.
Advisory firms were not disclosed for this transaction.