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. approximately $960 million ($5.60 per share in cash).
- 01 Antares' differentiated auto injector platform is suitable for a broad range of medications and carries broad licensing potential
- 02 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
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.
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.