Halozyme Buys Antares In $960M Deal To Create One Drug Delivery, Specialty Product Entity

Halozyme Therapeutics Inc HALO will acquire Antares Pharma Inc ATRS for $5.60 per share, valuing Antares at approximately $960 million.
The transaction is expected to be accretive to Halozyme's 2022 revenue and adjusted earnings and accelerate top-and bottom-line growth through 2027, with multiple growth drivers beyond 2027.
Antares' suite of FDA-approved and partner products utilizing the Antares auto-injector technology have already demonstrated commercial success and are positioned for long-term growth. The launch of Tlando will leverage the existing testosterone commercial infrastructure.
Related: Antares Pharma's Oral Testosterone Treatment Scores FDA Approval.
Halozyme will finance the transaction using existing cash on hand and new sources of debt. As of 31 December, Halozyme held a cash balance of $740.9 million.
After completing the transaction, Halozyme expects to maintain less than 3.5x net debt-to-EBITDA.
The transaction is expected to close in the first half of 2022.
Halozyme reaffirms its 2022 guidance and commitment to the three-year $750 million share repurchase program.
Price Action: ATRS shares are up 48.4% at $5.55 during the premarket session on the last check Wednesday.