Antares’ commercial products and the current autoinjector expertise will help accelerate Halozyme’s approach to drive durable revenue growth and value creation
The deal will result in the integration of Halozyme and Antares to create a drug delivery and speciality product firm. (Credit: MasterTux from Pixabay)
Halozyme Therapeutics has agreed to acquire all of the outstanding shares of Antares Pharma, a speciality pharmaceutical firm, in a deal worth about $960m in cash.
Antares develops pharmaceutical products and technologies to meet patient requirements in targeted therapeutic areas.
Halozyme plans to finance the transaction through cash on hand as well as new debt sources.
The deal will result in the integration of Halozyme and Antares Pharma to create a drug delivery and speciality product firm.
Antares’ commercial products and the current autoinjector expertise will help accelerate Halozyme’s approach to drive durable revenue growth and value creation.
Furthermore, Halozyme plans to build on the capabilities and core platform technology of Antares to drive long-term revenue prospects with additional intellectual property protections in place for the latter’s technology beyond 2030.
Antares’ suite of Food and Drug Administration-approved commercial products and partner products leveraging the auto-injector technology was found to be successful commercially.
The boards of directors of Halozyme and Antares have unanimously approved the acquisition.
The transaction is expected to close in the first half of this year, subject to necessary approvals and conditions.
Halozyme president and CEO Dr Helen Torley said: “The addition of Antares, particularly with its best-in-class auto-injector platform and speciality commercial business, augments Halozyme’s strategy, further strengthens our position as a leading drug delivery company and extends our strategy to include speciality 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.”
BofA Securities and Wells Fargo Securities are serving as financial advisors to Halozyme and Weil, Gotshal & Manges is acting as legal advisor on the transaction.
Jefferies is acting as financial advisor to Antares and Skadden, Arps, Slate, Meagher & Flom is serving as legal advisor on the deal.