$HALO · HALOZYME THERAPEUTICS, INC.

Halozyme Therapeutics filed an 8-K announcing a proposed private offering of $1.05 billion aggregate principal amount of convertible senior notes due October 1, 2033, with a 13-day option for an additional $150 million. Proceeds will fund capped call transactions, repurchases of existing 0.25% convertible notes due 2027 and 1.00% convertible notes due 2028, and general corporate purposes including potential acquisitions. The notes are unsecured, offered under Rule 144A to qualified institutional buyers, with interest payable semi-annually and terms to be determined at pricing.

HALO up ~2.1% in the regular session to $108.44; after-hours trading is underway but extended-hours data not captured here. The proposed $1.05B convertible offering on a $12.86B market cap represents roughly 8% of equity value — modest dilution risk partially offset by capped calls and concurrent repurchases of existing converts.

A $1.05B convertible offering with concurrent existing-note repurchases reshapes Halozyme's debt stack and signals confidence in managing near-term maturities while preserving equity upside through a

Convertible debt offerings remain a popular financing tool for mid-to-large cap biopharma firms with commercial-stage revenue, allowing capital raises at lower coupon rates while managing equity dilution through capped calls.

Capped call transactions only offset dilution up to the cap price; if HALO shares exceed that cap, dilution and/or cash payment exposure remains. Concurrent note repurchases and counterparty hedging may create stock price volatility around pricing.