Commercial RisksCommercial risks with ENHANZE, particularly in the dynamic and rapidly evolving multiple myeloma indication, pose significant uncertainties.
Patent RevocationThe European Patent Office has decided to revoke another of JNJ’s co-formulation patents for Darzalex Faspro, bringing attention to a non-zero longer-term risk to HALO’s European Faspro royalties.
Royalty Step DownVyvgart royalties would now step down at the expiry of Enhanze patent in 2027 or 29, which means two important products could step down in the same year, potentially capping upside potential.