Halozyme has acquired Surf Bio for an upfront payment of $300 million, subject to customary purchase price adjustments, and up to $100 million milestone payments based on product development and regulatory approval milestones, for a total consideration of up to $400 million.

Launched in 2021 by the founders of Bigfoot Biomedical and Mode AGC, Surf Bio is a preclinical biopharmaceutical company that develops drug delivery technologies to transform how antibodies and biologics are delivered to patients.

The Surf Bio hyperconcentration technology is being developed to enable high concentrations of up to 500 mg/mL across a wide range of therapeutics, including monoclonal antibodies and small molecules, for delivery in a single auto-injector shot for at-home or in-HCP office use. These high concentration formulations are achievable using Surf Bio’s protective excipient and spray dry approach, enabling accessible and patient-friendly subcutaneous delivery of antibodies and biologics.