The global collaboration and license agreement between Bristol-Myers Squibb and Halozyme Therapeutics will focus on the development of subcutaneously administered Bristol-Myers Squibb immuno-oncology medicines using Halozyme’s Enhanze® drug-delivery technology. Under the terms of the agreement, Halozyme will receive an initial $105 million for access to the technology. BMS has designated multiple immuno-oncology targets including programmed death 1 (PD-1) and has an option to select additional targets (up to a maximum of 11) within five years from the effective date. The Halozyme’s technology is based on a proprietary recombinant human hyaluronidase enzyme (rHuPH20) that temporarily degrades hyaluronan to aid in the dispersion and absorption of other injected therapeutic drugs. This technology may allow for more rapid delivery of large volume injectable medications, such as medications that are currently delivered intravenously, through subcutaneous delivery.