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Halozyme Therapeutics (HALO) stock rose to a new high Wednesday after the biotech announced a collaboration with AbbVie (ABBV) that could be worth more than $1.2 billion. AbbVie agreed to pay $23 million upfront and up to $130 million in milestone payments for each of nine targets that it plans to work on using Halozyme’s Enhanze platform, designed to aid the dispersion and absorption of injectable drugs. AbbVie will also pay unspecified tiered Scalper1 News
Scalper1 News