Bristol-Myers Squibb and Halozyme Enter Global Collaboration and License Agreement for ENHANZE Technology

Bristol-Myers Squibb is Committed to Enhancing Patient Care
Through Delivery of Cancer Treatments by Subcutaneous Injection

Halozyme to Receive $105 Million Upfront Payment, Plus Future
Milestones and Royalties

Provides Bristol-Myers Squibb Access to ENHANZE technology
for up to 11 Targets

NEW YORK & SAN DIEGO–(BUSINESS WIRE)–Bristol-Myers
Squibb Company
(NYSE:BMY) and Halozyme Therapeutics, Inc.
(NASDAQ:HALO) today announced a global collaboration and license
agreement to develop subcutaneously administered Bristol-Myers Squibb
immuno-oncology medicines using Halozyme’s ENHANZE®
drug-delivery technology.

We are excited to partner with Halozyme to pursue potential new
approaches to how our medicines are delivered to patients,” said Murdo
Gordon
, chief commercial officer, Bristol-Myers Squibb. “Through our
work with Halozyme, we hope to improve the patient treatment experience
by developing flexible and convenient treatment delivery options.”

The Halozyme ENHANZE technology is based on a proprietary recombinant
human hyaluronidase enzyme (rHuPH20) that temporarily degrades
hyaluronan — a glycosaminoglycan or chain of natural sugars in the body
— to aid in the dispersion and absorption of other injected therapeutic
drugs. This technology may allow for more rapid delivery of large volume
injectable medications, such as medications that are currently delivered
intravenously, through subcutaneous delivery.

Bristol-Myers Squibb has one of the industry’s most advanced and
extensive immuno-oncology portfolios with a clear commitment to
patient-centered innovation,” said Dr. Helen Torley, president and chief
executive officer of Halozyme. “Through this collaboration we are
excited to explore the potential for ENHANZE to expand the number of
cancer patients who may receive their therapies as a rapidly
administered subcutaneous injection.”

Under the terms of the agreement, Halozyme will receive an initial $105
million for access to the ENHANZEtechnology. Bristol-Myers
Squibb has designated multiple immuno-oncology targets including
programmed death 1 (PD-1) and has an option to select additional targets
within five years from the effective date. The collaboration may extend
to a maximum of 11 targets. Halozyme has the potential to earn milestone
payments of up to $160 million for each of the nominated collaboration
targets and additional milestone payments for combination products,
subject to achievement of specified development, regulatory and
sales-based milestones. In addition, Bristol-Myers Squibb will pay
Halozyme royalties on sales of products using the ENHANZE technology
developed under the collaboration.

The agreement is subject to customary anti-trust clearance by the U.S.
Justice Department and Federal Trade Commission pursuant to the
Hart-Scott-Rodino Act.

For Bristol-Myers Squibb, the transaction is expected to be dilutive to
Non-GAAP earnings per share (EPS) in 2017 and 2018 by approximately
$0.01, and by approximately $0.05 in 2019.

About ENHANZE® Technology

Halozyme’s proprietary ENHANZE® drug-delivery
technology is based on its patented recombinant human hyaluronidase
enzyme (rHuPH20). rHuPH20 has been shown to remove traditional
limitations on the volume of biologics that can be delivered
subcutaneously (just under the skin). By using rHuPH20, some biologics
and compounds that are administered intravenously may instead be
delivered subcutaneously. ENHANZE may also benefit subcutaneous
biologics by reducing the need for multiple injections. This delivery
has been shown in studies to reduce health care practitioner time
required for administration and shorten time for drug administration.

About Bristol-Myers Squibb & Immuno-Oncology

Bristol-Myers Squibb is a global biopharmaceutical company whose mission
is to discover, develop and deliver innovative medicines that help
patients prevail over serious diseases. For more information about
Bristol-Myers Squibb, visit us at BMS.com or
follow us on LinkedInTwitterYouTube and Facebook.

At Bristol-Myers Squibb, patients are at the center of everything we do.
Our vision for the future of cancer care is focused on researching and
developing transformational Immuno-Oncology (I-O) medicines for
hard-to-treat cancers that could potentially improve outcomes for these
patients.

We are leading the scientific understanding of I-O through our extensive
portfolio of investigational compounds and approved agents. Our
differentiated clinical development program is studying broad patient
populations across more than 50 types of cancers with 14 clinical-stage
molecules designed to target different immune system pathways. Our deep
expertise and innovative clinical trial designs position us to advance
the I-O/I-O, I-O/chemotherapy, I-O/targeted therapies and I-O radiation
therapies across multiple tumors and potentially deliver the next wave
of therapies with a sense of urgency. We also continue to pioneer
research that will help facilitate a deeper understanding of the role of
immune biomarkers and how a patient’s tumor biology can be used as a
guide for treatment decisions throughout their journey.

We understand making the promise of I-O a reality for the many patients
who may benefit from these therapies requires not only innovation on our
part but also close collaboration with leading experts in the field. Our
partnerships with academia, government, advocacy and biotech companies
support our collective goal of providing new treatment options to
advance the standards of clinical practice.

About Halozyme

Halozyme Therapeutics is a biotechnology company focused on developing
and commercializing novel oncology therapies that target the tumor
microenvironment. Halozyme’s lead proprietary program, investigational
drug PEGPH20, applies a unique approach to targeting solid tumors,
allowing increased access of co-administered cancer drug therapies to
the tumor in animal models. PEGPH20 is currently in development for
metastatic pancreatic cancer, non-small cell lung cancer, gastric
cancer, metastatic breast cancer and has potential across additional
cancers in combination with different types of cancer therapies. In
addition to its proprietary product portfolio, Halozyme has established
value-driving partnerships with leading pharmaceutical companies
including Bristol-Myers Squibb for its ENHANZE® drug delivery
technology. Halozyme is headquartered in San Diego. For more information
visit www.halozyme.com.

Halozyme Safe Harbor Statement

In addition to historical information, the statements set forth above
include forward-looking statements including, without limitation,
statements concerning the possible activity, benefits and attributes of
ENHANZE, the possible method of action of ENHANZE, its potential
application to aid in the dispersion and absorption of other injected
therapeutic drugs, the number of collaborative targets actually chosen,
whether such products are ultimately developed or commercialized,
whether milestones triggering milestone payments will be achieved, and
statements concerning facilitating more rapid delivery of injectable
medications through subcutaneous delivery that involve risk and
uncertainties that could cause actual results to differ materially from
those in the forward-looking statements. The forward-looking statements
are typically, but not always, identified through use of the words
“believe,” “enable,” “may,” “will,” “could,” “intends,” “estimate,”
“anticipate,” “plan,” “predict,” “probable,” “potential,” “possible,”
“should,” “continue,” and other words of similar meaning. Actual results
could differ materially from the expectations contained in
forward-looking statements as a result of several factors, including
unexpected expenditures and costs, unexpected results or delays in
receipt of Hart-Scott-Rodino clearance, development and regulatory
review, regulatory approval requirements, unexpected adverse events and
competitive conditions. These and other factors that may result in
differences are discussed in greater detail in Halozyme’s most recent
Annual and Quarterly Reports filed with the Securities and Exchange
Commission. Except as required by law, Halozyme undertakes no duty to
update forward-looking statements to reflect events after the date of
this release.

About Bristol-Myers Squibb

Bristol-Myers Squibb is a global biopharmaceutical company whose mission
is to discover, develop and deliver innovative medicines that help
patients prevail over serious diseases. For more information about
Bristol-Myers Squibb, visit us at BMS.com
or follow us on LinkedIn,
Twitter,
YouTube
and Facebook.

Bristol-Myers Squibb Forward-Looking Statement

This press release contains “forward-looking statements” as that term
is defined in the Private Securities Litigation Reform Act of 1995
regarding the research, development, and commercialization of
pharmaceutical products. Such forward-looking statements are based on
current expectations and involve inherent risks and uncertainties,
including factors that could delay, divert or change any of them, and
could cause actual outcomes and results to differ materially from
current expectations. No forward-looking statement can be
guaranteed. Among other risks, there can be no guarantee that the
proposed technology or medicine delivery system will be successfully
developed or approved for any of the indications described in this
release. The actual financial impact of this transaction may differ from
the expected financial impact described in this press release.
Forward-looking statements in this press release should be evaluated
together with the many uncertainties that affect Bristol-Myers Squibb’s
business, particularly those identified in the cautionary factors
discussion in Bristol-Myers Squibb’s Annual Report on Form 10-K for the
year ended December 31, 2016 in our Quarterly Reports on Form 10-Q and
our Current Reports on Form 8-K. Bristol-Myers Squibb undertakes no
obligation to publicly update any forward-looking statement, whether as
a result of new information, future events or otherwise.

Contacts

Halozyme:
Jim Mazzola, 858-704-8122
ir@halozyme.com
or
Chris
Burton, 858-704-8352
ir@halozyme.com
or
Bristol-Myers
Squibb

Media:
Lisa McCormick Lavery, 609-252-7602
lisa.mccormicklavery@bms.com
or
Ken
Dominski, 609-252-5251
ken.dominski@bms.com
or
Investors:
Tim
Power, 609-252-7509
timothy.power@bms.com
or
Bill
Szablewski, 609-252-5894
william.szablewski@bms.com