Shares of Antares Pharma Inc. rocketed 46.3% in premarket trading Wednesday toward a two-decade high, after the specialty pharmaceutical company agreed to be acquired by Halozyme Therapeutics Inc. in a cash deal valued at $960 million. Halozyme’s stock was still inactive ahead of the open. Under terms of the deal, Halozyme will pay $5.60 for each Antares share outstanding, which represents a 49.7% premium to Tuesday’s closing price of $3.74. Halozyme expects the deal, which is expected to close in the first half of 2022, to immediately add to 2022 revenue and adjusted earnings per share, and accelerate revenue and earnings growth through 2027. “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,” said Halozyme Chief Executive Helen Torley. Antares shares have gained 4.8% year to date through Tuesday, while Halozyme’s stock has tacked on 3.5% and the S&P 500 has lost 7.7%.
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