Halozyme prices upsized $1.3 billion convertible notes offering due 2033

Halozyme Therapeutics announced on September 17, 2026 the pricing of $1.3 billion aggregate principal amount of 1.50% convertible senior notes due 2033.¹ The deal grew from its original size, as the offering had previously been announced at $1.05 billion aggregate principal amount of notes.¹ Halozyme also gave the initial purchasers a 13-day option to buy up to an additional $200 million aggregate principal amount of the notes.¹ The notes were sold under Rule 144A, limited to qualified institutional buyers.¹

The notes carry an initial conversion rate of 7.1509 shares per $1,000 in principal, equal to a conversion price near $139.84 per share, a premium of about 27.5% over the September 17, 2026 closing price of $109.68.¹ They mature October 1, 2033 unless redeemed, repurchased, or converted earlier.¹

Halozyme entered into privately negotiated capped call transactions with one or more financial institutions¹ to limit dilution. The cap price is set near $208.39 per share, a 90% premium over the September 17 closing price.¹

Net proceeds are expected to be about $1.275 billion, or roughly $1.471 billion if the option is fully exercised.¹ Halozyme plans to use about $162.5 million to pay for the capped call transactions¹ and to repurchase approximately $151.7 million of its 2027 notes and $220.0 million of its 2028 notes, at total costs including accrued interest of about $217.0 million and $435.5 million respectively.¹ The remainder is earmarked for general corporate purposes, including working capital, capital expenditures, and potential acquisitions.¹ The offering is expected to close on September 22, 2026, subject to customary closing conditions.¹