Halozyme Therapeutics to acquire specialty pharma company Antares Pharma for $960m
Halozyme Therapeutics, a California-based publicly-listed biotech company, has agreed to acquire New Jersey-based specialty pharma company Antares Pharma for around $960 million with an objective to create a specialty product and drug delivery major.
As per the terms of the deal, shareholders of the publicly-listed Antares Pharma will be paid $5.6 per share in cash.
The deal has been approved by the boards of directors of both firms.
Antares Pharma is mainly focused on developing and commercializing pharmaceutical products and technologies that address the needs of patients in targeted therapeutic areas.
The specialty pharma company is engaged in developing, manufacturing, and commercializing novel therapeutic products for itself or with partners by utilizing its advanced drug delivery systems.
Antares Pharma has proprietary and partnered commercial products in its portfolio along with ongoing product development programs in different stages of development.
The addition of the commercial products and existing auto injector capabilities of Antares Pharma are expected to expedite the strategy of Halozyme Therapeutics to drive long-term, durable growth in revenue and value creation by means of focused external growth.
Robert F. Apple — president and CEO of Antares Pharma said: “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.”
Halozyme Therapeutics is engaged in developing novel oncology and drug-delivery therapies. The biotech company has developed the ENHANZE drug delivery technology.
Dr. Helen Torley — president and CEO of Halozyme Therapeutics said: “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.
“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 is well-positioned to leverage Antares’ value proposition, driven by a strong balance sheet, established industry relationships and business development experience.”
The deal is anticipated to close in the first half of this year, subject to certain conditions such as the successful tendering of Antares Pharma’s shares.