Halozyme bolsters drug delivery business with $960 mln Antares deal

April 13 (Reuters) - Halozyme Therapeutics Inc (HALO.O) is bolstering its drug delivery platform with a $960 million all-cash deal for specialty pharmaceutical company Antares Pharma Inc (ATRS.O), the companies said on Wednesday.

San Diego-based Halozyme offers delivery technology that enables high volumes of a drug to be injected under the skin, potentially reducing the need for multiple injections. The company has licensed its technology to several major drugmakers including Pfizer (PFE.N) and AbbVie (ABBV.N).

The purchase of Antares would give Halozyme access to an auto injector business that sells disposable devices used to administer drugs under the skin or intramuscularly.

"The addition of Antares ... further strengthens our position as a leading drug delivery company," Halozyme Chief Executive Helen Torley said in a statement.

Halozyme will pay $5.60 for each share of Antares Pharma, a premium of 49.7% to the company's last closing price. Shares of Antares surged 48% in premarket trading.

Halozyme will through the deal also acquire several U.S. approved medicines sold by Antares, such as testosterone therapy Xyosted, which brought in $62.2 million in sales last year.

Antares has also been generating royalty revenue from sales of Teva Pharmaceutical's generic version of the EpiPen allergy treatment, which uses its auto injector product.

The deal is expected to close in the first half of this year and will immediately add to Halozyme's annual revenue and adjusted profit, the companies said.

Reporting by Amruta Khandekar; Editing by Aditya Soni

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