Halozyme Therapeutics will buy specialty pharma company Antares Pharma in a $960 million all-cash deal.
Halozyme will pay $5.60 for each share of Antares Pharma, a premium of 49.7 per cent to the company’s last closing price.
Halozyme offers a delivery technology that enables high volumes of a drug to be injected under the skin, potentially reducing the need for multiple injections.
The company has in the past licensed its technology, called Enhanze, to several major pharma companies including Pfizer and AbbVie for drug development.
The acquisition of Antares would give Halozyme access to a range of medicines, such as testosterone therapy Xyosted, that have been approved by the US Food and Drug Administration.
Xyosted brought in sales of $62.2 million in 2021.
“The addition of Antares, particularly with its best-in-class auto injector platform and specialty commercial business … further strengthens our position as a leading drug delivery company,” said Helen Torley, CEO, Halozyme.
The deal is expected to immediately add to Halozyme’s 2022 revenue and adjusted profit, the companies said.
(edits by EP News Bureau)