Elektrofi
Elektrofi, a Boston-based biotech now owned by Halozyme, developed Hypercon™, a proprietary microparticle platform enabling ultra-high concentration (up to 500 mg/mL) subcutaneous delivery of biologic therapies licensed to major pharma partners.
- Company typePrivate
- Founded2015
- HeadquartersBoston, United States
- Headcount51–100
- GTM typeB2B
- OfferingServices
What Elektrofi does
Elektrofi, Inc. was a Boston-based private biotechnology company founded in 2015 by MIT engineers and scientists including Chase Coffman and Jason Norris. It developed and commercialized Hypercon™, a proprietary ultra-high concentration microparticle suspension platform technology that stabilizes biologic therapies at concentrations up to approximately 500 mg/mL — roughly four to five times higher than standard formulations — enabling subcutaneous self-administration of monoclonal antibodies, therapeutic proteins, and other large molecules via vials, pre-filled syringes, cartridges, and auto-injectors. The underlying Elektroject manufacturing process operates at room temperature, supporting superior stability profiles and reduced manufacturing complexity. At the time of acquisition the company had 51–100 employees, supported by a leadership bench drawn from Amgen, BioMarin, Celgene, Sarepta, BMS, and Novartis.
The company operated a B2B technology licensing model, monetizing Hypercon through upfront payments, development/regulatory/sales milestones, and tiered royalties on global net sales of partner products. Named licensing counterparties included Eli Lilly ($20M upfront, up to $150M+ per target in milestones, mid-single digit royalties across three targets plus two options), Janssen Biotech ($18M upfront, $155M+ per target, upper mid-single digit royalties across up to five oncology programs), argenx (mid-single digit royalties, including efgartigimod), and Takeda (evaluation agreement). The platform had potential to support up to 12 unique products across these collaborations. In October 2024 Elektrofi closed an oversubscribed $112.25M Series C financing led by Novo Holdings, RA Capital Management, Royalty Pharma, SR One, and TPG to fund Phase 3 and commercial-scale GMP manufacturing.
In October 2025 Halozyme Therapeutics announced, and in November 2025 completed, the acquisition of Elektrofi for $750 million upfront plus potential milestone payments (up to $900M total). Post-acquisition, Elektrofi operates as a wholly-owned subsidiary of Halozyme, which projects Hypercon-related royalty revenues to begin around 2030 and reach approximately $1 billion annually by the mid-2030s. Vertex Pharmaceuticals entered the licensing pipeline in April 2026 with a $15M upfront agreement covering up to three drug targets, demonstrating continued platform re-licensing under the new owner.
Elektrofi firmographics
Firmographics- Name
- Elektrofi
- Legal name
- Elektrofi, Inc.
- Website
- https://elektrofi.com
- Company type
- Private
- Founded year
- 2015
- Operating status
- Acquired
- Headcount range
- 51–100 employees
- Short description
- Elektrofi, a Boston-based biotech now owned by Halozyme, developed Hypercon™, a proprietary microparticle platform enabling ultra-high concentration (up to 500 mg/mL) subcutaneous delivery of biologic therapies licensed to major pharma partners.
- Ownership category
- akta.pro rank
Elektrofi industry classification
Industry- Product category
- Biopharmaceutical Drug Delivery Technology
- NAICS
- Biological Product (except Diagnostic) Manufacturing (325414), Pharmaceutical and Medicine Manufacturing (3254)
- SIC
- Pharmaceutical Preparations (2834), Biological Products, (No Disgnostic Substances) (2836)
- akta.pro primary industry
- Fill-Finish & Aseptic Drug Product Manufacturing (Biologics/ATMP) (HLAGAGAG)
- akta.pro secondary industries
- GMP Quality, Validation & Regulatory Support (GMP/CSV/Qualification) (HLAGAGAL), Single-Use Technologies (SUT) & Disposable Fluid Management (bags, assemblies, connectors) (HLAAAJAC)
Keywords
Where Elektrofi is headquartered
LocationHeadquarters
- HQ city
- Boston
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Elektrofi business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales
Revenue model
- Licensing and Milestone Payments: Elektrofi licenses its Hypercon™ technology platform to pharmaceutical partners. Under licensing agreements, Elektrofi receives upfront payments, potential milestone payments surpassing $150-155 million per target upon achieving development, regulatory, and sales milestones, plus tiered royalties on global net sales.
- Upfront Collaboration Payments: Elektrofi receives upfront payments from partners for exclusive rights to develop products using its formulation technology. Examples include $20 million from Lilly (3 targets) and $18 million from Janssen (1 target + 4 additional options).
- Royalty Revenue (Post-Acquisition): Following acquisition by Halozyme, the Hypercon technology is expected to generate approximately $1 billion in annual royalty revenue by mid-2030s, with royalty revenues from Elektrofi programs beginning around 2030.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Janssen Collaboration: $18M upfront + up to $155M per target in milestones + upper mid-single digit royalties |
| Other | Multi-year contract | Lilly Collaboration: $20M upfront + up to $150M per target in milestones + mid-single digit royalties |
Go-to-market motion2 records
Distribution channels1 record
Marketing channels4 records
Elektrofi product offering
Product offeringCore offering
Elektrofi develops and licenses Hypercon™, a proprietary ultra-high concentration microparticle suspension platform technology that stabilizes biologic formulations at concentrations up to 500 mg/mL (4-5x greater than standard formulations). The platform enables transformation of intravenous biologic therapies into subcutaneous, patient-friendly, small-volume injections compatible with vials, pre-filled syringes, cartridges, and auto-injectors. The company partners with pharmaceutical and biotechnology companies through licensing agreements covering upfront payments, development/regulatory/sales milestones, and tiered royalties on commercialized products.
Product overview
Elektrofi is a biopharmaceutical formulation technology company that has developed Hypercon™, a proprietary ultra-high concentration microparticle suspension platform technology. This core platform enables the hyperconcentration and stabilization of biologic therapies, allowing them to be delivered subcutaneously rather than intravenously. The technology achieves concentrations up to 500 mg/ml (4-5x greater than standard formulations) and is compatible with vials, pre-filled syringes, cartridges, and auto-injectors. The company partners with pharmaceutical companies to jointly develop and commercialize patient-friendly delivery solutions for monoclonal antibodies, therapeutic proteins, and other large molecule drugs.
Differentiator
Problem solved
Functional benefit
Brands
- Hypercon™: Proprietary hyper-concentration microparticle platform technology that enables high protein concentrations for biologics, facilitating subcutaneous delivery with up to 500 mg/ml concentration levels (4-5x greater than standard formulations).
Products and services
- Hypercon™ Platform
Quantifiable outcome
- Up to 500 mg/mL protein concentration, 4-5x greater than standard formulations
- +2 more outcomes
Companies that use Elektrofi
Customer profileNamed customers4 records
Segments2 records
Ideal customer profiles1 record
Elektrofi technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Elektrofi partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core, major and minor.
- Vertex PharmaceuticalscoreFollowing acquisition by Halozyme, Vertex entered licensing agreement with Halozyme to access Hypercon microparticle drug delivery technology for up to three drug targets. $15 million upfront payment with potential milestone payments and royalties on commercialized products. Enables hyperconcentration of biologics for reduced injection volumes and at-home patient administration.
- Janssen Biotech (Johnson & Johnson)coreWorldwide research collaboration and license agreement initially focusing on developing at-home self-administered subcutaneous version of a lead oncology asset. Elektrofi received $18 million upfront for exclusive rights to lead oncology target plus up to four additional targets. Potential milestones surpassing $155 million per target and tiered upper mid-single digit royalty on global net sales.
- Eli Lilly and CompanycoreMulti-target research collaboration and license agreement to develop next-generation medicines delivered subcutaneously. Elektrofi received $20 million upfront for exclusive rights to three targets, with potential for $150 million+ per target in development, regulatory, and sales milestones, plus tiered royalties up to mid-single digit on global net sales. Lilly has option for two additional targets.
- Thermo Fisher ScientificmajorStrategic contract manufacturing agreement to support clinical manufacture of Elektrofi's ultra-high concentration subcutaneous products. Collaboration established a platform cGMP manufacturing line scheduled to be operational in early 2024 to support early clinical efforts across pipeline programs and enable scale-up for late-stage and commercial development.
- argenxmajorGlobal collaboration and license agreement to explore new subcutaneous formulations for therapeutic products directed at human FcRn receptor, including efgartigimod, and up to one additional target. argenx received access to Elektrofi's high-concentration, low-volume delivery technology. Elektrofi eligible for upfront, milestone payments, and mid-single digit royalty on sales.
- Takeda Pharmaceutical CompanyminorEvaluation agreement for Takeda to assess Elektrofi's microparticle-based formulation technology using a non-disclosed plasma protein for engineering high-concentration, low-viscosity samples. Takeda evaluating storage stability and particle properties of protein microparticles produced using Elektroject technology.
Scale indicators6 records
Recent moves6 records
Expansion highlights6 records
Elektrofi competitors and assessment
Company assessmentBroad incumbents
- Halozyme Therapeutics: Parent company of Elektrofi and operator of the ENHANZE subcutaneous delivery platform based on rHuPH20. Both companies focus on enabling subcutaneous delivery of biologics, with ENHANZE representing a competing/complementary approach to Elektrofi's Hypercon microparticle technology.
- West Pharmaceutical Services: Major supplier of injectable drug delivery components including pre-filled syringes, cartridges, and auto-injector systems. Elektrofi's Hypercon formulations are explicitly compatible with West's delivery formats, making West a complementary infrastructure provider in the subcutaneous biologics value chain.
- Becton Dickinson (BD): Global medical technology company with extensive pharmaceutical systems and drug delivery device portfolio, including pre-filled syringes and auto-injectors. Serves the same pharmaceutical customers seeking to convert IV biologics to subcutaneous delivery.
- Ypsomed Holding: Swiss developer and manufacturer of injection and infusion systems including auto-injectors and pen injectors for self-medication. Comparable as a delivery infrastructure provider enabling subcutaneous self-administration of biologics, including high-concentration formulations.
- SHL Medical: Leading manufacturer of auto-injectors and advanced drug delivery systems for pharmaceutical and biotech partners. SHL's Molly device platform is widely used for subcutaneous biologic self-administration, positioning it as a complementary/infrastructure player in the same subcutaneous delivery value chain as Elektrofi.
- Stevanato Group: Italian manufacturer of drug containment and delivery solutions, including syringes, vials, and devices for biologics. Competes at the device/infrastructure layer for subcutaneous biologics delivery, complementing Elektrofi's formulation technology.
- Catalent: Global CDMO with biologics drug product and fill-finish capabilities serving pharmaceutical companies developing complex biologics. Comparable as a service provider in the biopharma manufacturing value chain, though Catalent operates at the contract manufacturing layer rather than owning a proprietary delivery platform.
- Lonza Group: One of the world's largest CDMOs with leading biologics manufacturing capabilities. Elektrofi's Thermo Fisher partnership for cGMP manufacturing parallels Lonza's position as a contract manufacturing backbone for high-concentration biologic products.
Direct peers
- Enable Injections: Develops high-volume wearable injector technology for subcutaneous delivery of biologics. Comparable to Elektrofi in addressing the challenge of delivering high-concentration biologic formulations via patient-friendly subcutaneous routes, though Enable focuses on the device side rather than formulation.
Emerging players
- Alnylam Pharmaceuticals: Developer of RNAi therapeutics with proprietary GalNAc conjugate delivery technology for targeted subcutaneous delivery. While in a different therapeutic modality, Alnylam represents a comparable platform-licensing model in which proprietary delivery technology is the core asset licensed to multiple partners.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights7 records
Customer concentration
Elektrofi social profiles
Digital presenceElektrofi financial estimates
Financial estimateRevenue estimate
Valuation estimate
Elektrofi leadership team
Management profileNumber of profiles
Profiles20 records
Elektrofi funding detail
Funding detailFunding overview
Funding rounds4 records
Investors20 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Elektrofi M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Elektrofi
What does Elektrofi do?
Elektrofi develops and licenses Hypercon™, a proprietary ultra-high concentration microparticle suspension platform technology that stabilizes biologic formulations at concentrations up to 500 mg/mL (4-5x greater than standard formulations). The platform enables transformation of intravenous biologic therapies into subcutaneous, patient-friendly, small-volume injections compatible with vials, pre-filled syringes, cartridges, and auto-injectors. The company partners with pharmaceutical and biotechnology companies through licensing agreements covering upfront payments, development/regulatory/sales milestones, and tiered royalties on commercialized products.
Is Elektrofi a public or private company?
Elektrofi is a private company. It is classified as corporate owned and is currently acquired.
When was Elektrofi founded?
Elektrofi was founded in 2015. It employs 51 to 100 people.
Where is Elektrofi based?
Elektrofi is headquartered in Boston, United States, in the North America region.
How does Elektrofi make money?
Three revenue lines are on record. Licensing and Milestone Payments are the primary driver. The others are upfront Collaboration Payments and royalty Revenue (Post-Acquisition).
Who are Elektrofi's main competitors?
Broad incumbents on record are Halozyme Therapeutics, West Pharmaceutical Services, Becton Dickinson (BD), Ypsomed Holding, SHL Medical, Stevanato Group, Catalent and Lonza Group. Enable Injections is listed as a direct peer. Alnylam Pharmaceuticals is listed as an emerging player.
Does Elektrofi have an API?
No public API is recorded for Elektrofi.
What industry is Elektrofi in?
Elektrofi's product category is Biopharmaceutical Drug Delivery Technology. Its primary akta.pro industry code is HLAGAGAG, Fill-Finish & Aseptic Drug Product Manufacturing (Biologics/ATMP), with a secondary code of HLAGAGAL, GMP Quality, Validation & Regulatory Support (GMP/CSV/Qualification). Its NAICS code is 325414 and its SIC code is 2834.