HALOZYME THERAPEUTICS, INC. acquires Antares Pharma, Inc.

HALOZYME THERAPEUTICS, INC. acquired Antares Pharma, Inc. for approximately $960 million ($5.60 per share in cash), a transaction completed in May 2022, structured as all cash.

Antares Pharma, Inc. operates in Drug delivery and specialty pharmaceuticals (auto injector platform + testosterone replacement therapy), is based in Ewing, New Jersey (with operations in Minnetonka, Minnesota). Halozyme acquired Antares Pharma, Inc. (NASDAQ: ATRS), a Ewing, NJ-based specialty pharmaceutical and drug-delivery company, for $5.60 per share in cash, valuing Antares at approximately $960 million. The deal was structured as a cash tender offer for all outstanding Antares shares followed by a second-step merger under Section 251(h) of the Delaware General Corporation Law, with Antares becoming a wholly owned subsidiary. Antares brought a best-in-class, differentiated, royalty-revenue-generating auto injector platform plus a commercial specialty business anchored by testosterone replacement therapy products (Xyosted and the Tlando launch). The combination created a leading drug delivery and specialty product company alongside Halozyme's ENHANZE platform.

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.

Antares' differentiated auto injector platform is suitable for a broad range of medications and carries broad licensing potential, while its testosterone replacement therapy franchise diversifies Halozyme's revenue mix and was expected to be immediately accretive to 2022 revenue and non-GAAP earnings. Creates a leading drug delivery business with broadly licensable opportunities across the ENHANZE and Antares auto injector platforms; immediately accretive to revenue and non-GAAP earnings in 2022 with multiple growth drivers through 2027 and beyond. Antares operated as a wholly owned subsidiary; its Ewing/Minnetonka operations folded into Halozyme's drug delivery and specialty product business.