Halozyme Therapeutics (Nasdaq:HALO) announced today that it will acquire Antares Pharma (Nasdaq:ATRS) for approximately $960 million.
Both companies’ boards of directors approved the transaction, which will see Halozyme acquire Antares for $5.60 per share in cash.
According to a news release, the business combination will create a leading drug delivery and specialty product company with Antares’ differentiated auto-injector platform business. The company offers a broad licensing opportunity and a commercial business with three proprietary commercial products.
Halozyme expects the acquisition to be immediately accretive to its 2022 revenue and non-GAAP earnings. The company also anticipates that it will accelerate growth through 2027 with multiple growth drivers beyond 2027.
“The addition of Antares, particularly with its best-in-class auto-injector platform and specialty commercial business, augments Halozyme’s strategy, further strengthens our position as a leading drug delivery company and extends our strategy to include specialty products,” Halozyme President and CEO Dr. Helen Torley said in the release. “The acquisition of Antares fits well with our previously discussed strategic priorities and provides substantial financial growth potential and disruptive solutions to significantly improve patient experiences and outcomes for emerging and established therapies.”
Halozyme develops a proprietary enzyme — rHuPH20 — that forms the basis of its Enhanze technology, used to facilitate the delivery of injected drugs and fluids.
“We are pleased to have reached this agreement with Halozyme, as this transaction showcases the value of Antares’ highly complementary business, provides our shareholders with attractive and certain value, and brings together industry-leading expertise and drug delivery platforms to accelerate growth and create new opportunities,” Antares President and CEO Robert F. Apple said. “As we remain committed to continuing to serve our partners, I would like to thank our employees for their hard work and dedication to this mission. We look forward to working with the Halozyme team to complete the transaction and deliver best-in-class therapies and drug delivery solutions.”