(Reuters) -Halozyme Therapeutics Inc will buy specialty pharmaceutical company Antares Pharma Inc in a $960 million all-cash deal, the companies said on Wednesday.
Halozyme will pay $5.60 for each share of Antares Pharma, a premium of 49.7% to the company’s last closing price.
San Diego-based Halozyme offers a delivery technology that enables high volumes of a drug to be injected under the skin, potentially reducing the need for multiple injections.
The company has in the past licensed its technology, called Enhanze, to several major drugmakers including Pfizer and AbbVie for drug development.
The acquisition of Antares would give Halozyme access to a range of medicines, such as testosterone therapy Xyosted, that have been approved by the U.S. Food and Drug Administration.
Xyosted brought in sales of $62.2 million in 2021.
“The addition of Antares, particularly with its best-in-class auto injector platform and specialty commercial business … further strengthens our position as a leading drug delivery company,” said Halozyme Chief Executive Helen Torley.
The deal is expected to immediately add to Halozyme’s 2022 revenue and adjusted profit, the companies said.
(Reporting by Amruta Khandekar; Editing by Aditya Soni)
