SAN DIEGO, Nov. 14 /PRNewswire-FirstCall/ -- Halozyme Therapeutics, Inc. (Nasdaq: HALO), a biopharmaceutical company developing and commercializing products based on the extracellular matrix, today announced that its Board of Directors amended the Rights Agreement previously adopted on May 4, 2006 (the "Rights Agreement") in order to increase the ownership threshold for triggering the stockholder rights granted pursuant to the Rights Agreement from a fifteen percent (15%) ownership interest to a twenty percent (20%) ownership interest.
The Rights Agreement is intended as a means to guard against any potential use of takeover tactics designed to gain control of Halozyme without paying all stockholders full and fair value. Under the Rights Agreement, certain stockholder rights will become exercisable if a stockholder (defined as an "Acquiring Person" in the Rights Agreement) acquires a certain percentage of the Company's outstanding shares without first obtaining the prior approval of the Company's Board of Directors. The applicable threshold for an Acquiring Person to trigger these stockholder rights was initially fifteen percent (15%), however that triggering threshold was increased to twenty percent (20%) through the amendment adopted on November 12, 2007.
About Halozyme Therapeutics, Inc.
Halozyme is a biopharmaceutical company developing and commercializing
products based on the extracellular matrix for the drug delivery, oncology
and dermatology markets. The company's portfolio of products and product
candidates is based on intellectual property covering the family of human
enzymes known as hyaluronidases. The company's Enhanze Technology is a
novel drug delivery platform designed to increase the
|SOURCE Halozyme Therapeutics, Inc.|
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