Halozyme Therapeutics Inc is set to acquire specialty pharma company Antares Pharma Inc for $960M, according to a joint press release by Antares Pharma on Wednesday.

  • Halozyme will pay $5.60 per share or Antares Pharma, a 49.7% premium to the company’s closing price.
  • San Diego-based Haloyzme provides a delivery technology that enhances high volumes of a drug to be injected under the skin, reducing the need for numerous injections.
  • The company has previously licensed its technology, referred to as Enhanze, to several major drugmakers, including Pfizer and AbbVie, for drug development.
  • The acquisition of Antares will expand Halozyme’s access to a wide range of medicines, such as testosterone therapy Xyosted, which has been approved by the FDA.
  • Helen Torley, Chief Executive of Halozyme, stated that the addition of Antares would further strengthen the position of the company as a leading drug delivery company.

The deal will immediately add to Halozyme’s 2022 revenue and adjusted profit. HALO up +0.58%, PFE down -0.36%, Pre-market trading