Antares Pharma Stock Soars After $960 Million Halozyme Buyout

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Shares of

Antares Pharma

surged 49% Wednesday after the specialty pharmaceutical company agreed to be bought by

Halozyme Therapeutics

 in a cash deal valued at $960 million.

Under terms of the deal, Halozyme (ticker: HALO) will pay $5.60 a share to buy Antares (ATRS), the company said in a statement. That represents a 49.7% premium to Tuesday’s closing price of $3.74.

Antares stock, which has risen 4.76% in the year to date, rose more than 49% in premarket trading to $5.58.

Halozyme said that it 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 Helen Torley, Halozyme chief executive.

Write to Lina Saigol at lina.saigol@dowjones.com