Antares Pharma Inc (NASDAQ:ATRS) shares are trading higher Wednesday after the company announced it will be acquired by Halozyme Therapeutics Inc (NASDAQ:HALO) for $5.60 per share in cash, valuing Antares at approximately $960 million.
The transaction was unanimously approved by both the Halozyme and Antares boards of directors and is expected to be immediately accretive to Halozyme's 2022 revenue and non-GAAP earnings. Halozyme expects the acquisition to accelerate top- and bottom-line growth through 2027.
The business combination aims to create a leading drug delivery and specialty product company. Antares is a specialty pharmaceutical company focused on the development and commercialization of self-administered parenteral pharmaceutical products and technologies.
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ATRS 52-Week Range: $3.11 - $4.63
According to data from Benzinga Pro, the stock was up 49.1% at $5.58 at press time.
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