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April 13 (Reuters) – Halozyme Therapeutics Inc (HALO.O) is bolstering its drug delivery system with a $960 million all-dollars offer for specialty pharmaceutical enterprise Antares Pharma Inc (ATRS.O), the firms explained on Wednesday.
San Diego-based mostly Halozyme delivers shipping know-how that permits substantial volumes of a drug to be injected less than the pores and skin, probably lessening the require for several injections. The company has certified its technological know-how to various significant drugmakers together with Pfizer (PFE.N) and AbbVie (ABBV.N).
The purchase of Antares would give Halozyme obtain to an vehicle injector enterprise that sells disposable units made use of to administer prescription drugs beneath the pores and skin or intramuscularly.
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“The addition of Antares … further more strengthens our placement as a main drug shipping enterprise,” Halozyme Chief Govt Helen Torley stated in a statement.
Halozyme will fork out $5.60 for just about every share of Antares Pharma, a high quality of 49.7% to the firm’s past closing price tag. Shares of Antares surged 48% in premarket buying and selling.
Halozyme will by way of the offer also receive many U.S. accepted medications bought by Antares, these kinds of as testosterone treatment Xyosted, which brought in $62.2 million in revenue last calendar year.
Antares has also been generating royalty revenue from sales of Teva Pharmaceutical’s generic edition of the EpiPen allergy treatment method, which uses its automobile injector item.
The offer is predicted to close in the first half of this yr and will right away insert to Halozyme’s annual profits and adjusted profit, the companies stated.
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Reporting by Amruta Khandekar Editing by Aditya Soni
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