Halozyme Therapeutics to Acquire Antares Pharma – Shares Surge 49%
2022.04.13 20:01
By Sam Boughedda
Investing.com — Halozyme Therapeutics Inc (NASDAQ:HALO) will acquire Antares Pharma Inc (NASDAQ:ATRS) for approximately $960 million, the companies revealed Wednesday.
The transaction will see Halozyme pay $5.60 per share in cash for the specialty pharmaceutical company. The deal is an all-cash transaction and is expected to add to Halozyme’s 2022 revenue and adjusted earnings immediately, accelerating top and bottom-line growth through 2027.
The biotech company said they plan to become a leading drug delivery and specialty product company through the acquisition. Halozyme also plans to build on Antares’ core platform technology to drive revenue.
“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,” said Dr Helen Torley, president and CEO of Halozyme.
Halozyme reaffirmed its 2022 guidance and commitment to its three-year $750 million share repurchase program.
Antares shares rallied 49% on Wednesday.
