Halozyme Therapeutics To Buy Antares For $5.60/shr; Reaffirms FY22 View

(RTTNews) - Halozyme Therapeutics, Inc. (HALO), and Antares Pharma, Inc. (ATRS) announced on Wednesday that they have entered into a deal to allow Halozyme to acquire Antares for $5.60 per share or around $960 million in cash.

In addition, Halozyme has reaffirmed its previous outlook for 2022. The acquisition, expected to be completed in the first half of 2022, is expected to immediately add to Halozyme's 2022 revenue and non-GAAP earnings.

The acquisition is also estimated to push top and bottom-line growth of the acquirer through 2027, with multiple growth drivers beyond 2027.

Helen Torley CEO of Halozyme said: "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,"

Halozyme aims to finance the transaction using existing cash in hand and new sources of debt. Halozyme Therapeutics has also reiterated its 2022 guidance and 3-year $750 million share repurchase program.

For the fiscal 2022, the company still expects net income in the range of $270 million or $1.90 per share to $295 million or $2.05 per share and adjusted earnings of $290 million or $2.05 per share to $315 million or $2.20 per share.

Revenue is still projected to be $530 million to $560 million.