On 5 December 2006, the little-known drug delivery company Halozyme Therapeutics signed a collaborative agreement with F. Hoffmann-La Roche worth a potential US$612 M. The deal gave a major boost to both Halozyme and the drug delivery sector alike, and provided yet further evidence that the values of licensing deals are on the increase. Through the deal, Roche will gain access to Halozyme's Enhanze#8482; proprietary drug delivery technology, which will be applied to Roche's biological therapeutic compounds. This feature discusses the details of the impressive financials of the deal, the rising value of licensing deals in general, and the future possibilities for Halozyme.