Halozyme sues Merck over new version of cancer drug; shares rise

Drugmaker Halozyme HALO.O sues Merck MRK.N over a subcutaneous version of cancer drug Keytruda, which HALO says uses a drug delivery technology patented by it

Shares of HALO rise 1% to $59.03

Last month, MRK, who is banking on the new version of Keytruda to protect it against a patent expiry in 2028, said that it plans to launch the drug on October 1

The ultimate outcome of Halozyme's lawsuit should have no impact on the company's current or future licenses, revenues, or programs related to a newer drug delivery technology — TD Cowen

"We see significant upside opportunity for Halozyme if they are awarded a royalty on Keytruda SC sales" — brokerage

Including session's move, HALO stock up 23.6% YTD