Market Update (NYSE:LLY): Halozyme Enters Into Global Collaboration And Licensing Agreement With Lilly

[PR Newswire] – SAN DIEGO, Dec. 21, 2015 /PRNewswire/ — Halozyme Therapeutics, Inc. (HALO) today announced a global collaboration and license agreement with Eli Lilly and Company (LLY) to develop and commercialize products combining proprietary Lilly compounds with Halozyme’s ENHANZE™ platform. Under the terms of the agreement, Halozyme will receive an initial $25 million payment, followed by milestone payments of up to $160 million for each of up to five collaboration targets valued at up to $800 million. In addition, Lilly will pay Halozyme mid-single digit royalties if products under the collaboration are commercialized. Read more on this. Eli Lilly and Company (LLY) , valued at $91.18B, started trading this morning at $85.72. During the trading session, LLY traded between $85.15 to $86.36 with a trailing 52-week range being $68.31 to $92.85. Priced at 24.64x this year’s forecasted earnings, LLY shares are relatively expensive compared to the industry’s -2.14x forward p/e ratio. The company pays shareholders $2.04 per share annually in dividends, yielding 2.41%. Consensus earnings for the current quarter by the 18 sell-side analysts covering the stock is an estimate of $0.79 per share, which would be $0.04 better than the year-ago quarter and a $0.01 sequential increase. In looking at the bigger picture, the full-year EPS estimate of $3.44 would be a $0.66 better when compared to the previous year’s annual results. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $5.33 Billion. If realized, that would be a 4.10% increase over the year-ago quarter. Recently, Berenberg Initiated LLY at Buy (Aug 27, 2015). Previously, Morgan Stanley downgraded LLY from Overweight to Equal-Weight. The average price target for LLY shares by the analysts covering it is $97.50, which is 13.74% above where the stock opened. See more in (NYSE:LLY) Similar Articles: Company Update (NYSE:LLY): Yabao Pharmaceuticals Enters Second Innovative Collaboration With Eli Lilly and Company to Develop Diabetes Treatment Market Update: Eli Lilly & Company (NYSE:LLY) – EXCLUSIVE-US insurers hold back Lilly’s death-defying diabetes drug Market Update (NYSE:LLY): Lilly to Participate in Morgan Stanley Global Healthcare Conference