Halozyme Therapeutics Inc., a biopharmaceutical company, has acquired Antares Pharma Inc., a specialty pharmaceutical company, for $5.60 per share. The transaction values Antares at about $960 million.
The business combination will result in a drug delivery and specialty product company. Antares focuses on the development and commercialization of pharmaceutical products and technologies. Antares offers a best-in-class, differentiated royalty revenue-generating auto-injector platform business. The firm delivers a broad licensing opportunity and a commercial business with three of its own proprietary commercial products.
“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 an attractive and certain value, and brings together industry-leading expertise and drug delivery platforms to accelerate growth and create new opportunities,” commented Robert Apple, president and chief executive officer of Antares. “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.”
BofA Securities and Wells Fargo Securities LLC are acting as financial advisors to Halozyme and Weil, Gotshal & Manges LLP is acting as legal advisor. Jefferies LLC is acting as financial advisor to Antares and Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal advisor.