Halozyme picks up drug delivery technology from Antares for nearly $1 billion
Therapeutic Halozyme announcement Wednesday morning he acquires Antares Pharma for $960 million in cash. The news cause Antares shares will soar 47% in premarket trading.
“The addition of Antares with its best-in-class autoinjector platform and specialty business operations reinforces Halozyme’s strategy, further strengthens our position as a premier drug delivery company. plan and expands our strategy to include specialty products,” said Dr. Helen Torley, President and CEO of Halozyme.
Torley added, “The acquisition of Antares aligns well with our previously discussed strategic priorities and offers substantial financial growth potential and disruptive solutions to significantly improve patient experience and outcomes for emerging and established therapies. . Halozyme is well positioned to leverage Antares’ value proposition, with a strong balance sheet, established industry relationships and business development experience.
On March 24, Halozyme ink a global collaboration and licensing agreement with Roche’s subsidiary Chugai Pharmaceuticals, giving Chugai access to Halozyme’s ENHANZE drug delivery technology, recombinant human hyaluronidase PH20 (rHuPH20) enzyme. The target was not disclosed. As part of the deal, Chugai paid Halozyme $25 million upfront with potential milestones of up to $160 million. Halozyme will also be eligible for royalties on sales of any marketed product using the ENHANZE technology.
ENHANZE removes traditional limitations on the volume of biologics that can be injected subcutaneously, allowing biologics that could only be administered intravenously to be administered subcutaneously. Halozyme has entered into agreements with several companies for its ENHANZE technology, including rock, Baxalt, PfizerAbbVie, Eli LilyBristol Myers Squibb, Alexionargenx, Horizon Therapeutics, ViiV Health and now Chugai.
Antares is a specialty pharmaceutical company that develops and commercializes drugs and technologies for targeted therapeutic areas using its advanced drug delivery systems. More recently, on March 29, he announcement United States Food and drug administration granted final approval for Tlando (testosterone undecanoate), an oral drug for testosterone replacement therapy indicated for disorders related to deficiency or absence of endogenous testosterone or hypogonadism in adult men .
The Company’s products include Xyosted, a weekly testosterone self-injection treatment, Tlando, Nocdurna, a sublingual tablet for the treatment of nocturia due to nocturnal polyuria in adults who wake up at least twice a night to urinate. , and Sumatriptan, a generic of Imitrex (sumatriptan succinate) to treat acute migraine with or without aura and acute cluster headache in adults.
Halozyme has a market value approximately $5.7 billion. In 2019, the company restructured after drug failure for stage III metastatic pancreatic cancer. In November 2019, Torley said the company would halt clinical development of the drug, PEGPH20, as well as all of its oncology operations. It intended to focus entirely on its ENHANZE technology. It also markets a range of personalized drug delivery devices.
Commenting on the acquisition, Robert F. Apple, President and Chief Executive Officer of Antares, said, “We are delighted to have entered into this agreement with Halozyme, as this transaction showcases the value of highly complementary businesses. of Antares, offers our shareholders attractive opportunities and certain value, and brings together leading expertise and drug delivery platforms to accelerate growth and create new opportunities. As we remain committed to continuing to serve our partners, I would like to thank our employees for their hard work and dedication to this mission. We look forward to working with the Halozyme team to complete the transaction and provide the best therapies and drug delivery solutions. »