SAN DIEGO, May 24, 2022 /PRNewswire/ -- Halozyme
Therapeutics, Inc. (NASDAQ: HALO) ("Halozyme") today announced
the successful completion of its acquisition of Antares Pharma,
Inc. ("Antares").
The tender offer for all of the outstanding shares of Antares
common stock expired as scheduled at one minute after 11:59 p.m., Eastern Time, on Monday, May 23, 2022. The minimum tender
condition and all of the other conditions to the offer have been
satisfied and on May 24, 2022,
Halozyme accepted for payment and will promptly pay for all shares
validly tendered and not validly withdrawn.
Following its acceptance of the tendered shares, Halozyme
completed its acquisition of Antares through the merger of a wholly
owned subsidiary of Halozyme with and into Antares, pursuant to
Section 251(h) of the General Corporation Law of the State of Delaware, with Antares continuing as
the surviving corporation and becoming a wholly owned subsidiary of
Halozyme.
In connection with the merger, all Antares shares not validly
tendered in the tender offer have been converted into the right to
receive the same $5.60 per share in
cash, without interest thereon and net of any applicable
withholding taxes, that would have been paid had such shares been
validly tendered in the tender offer. As of May 24, 2022, Antares common stock will cease to
be traded on the NASDAQ Global Select Stock Market.
BofA Securities, Inc. and Wells Fargo Securities LLC acted as
financial advisors to Halozyme and Weil, Gotshal & Manges
LLP acted as legal advisor. Jefferies LLC acted as financial
advisor to Antares and Skadden, Arps, Slate, Meagher &
Flom LLP acted as legal advisor.
About Halozyme
Halozyme is a biopharmaceutical company bringing disruptive
solutions to significantly improve patient experiences and outcomes
for emerging and established therapies. Halozyme advises and
supports its biopharmaceutical partners in key aspects of new drug
development with the goal of improving patients' lives while
helping its partners achieve global commercial success. As the
innovators of the ENHANZE® technology, which can reduce hours-long
treatments to a matter of minutes, Halozyme's
commercially-validated solution has touched more than 600,000
patient lives in post-marketing use via five commercialized
products across more than 100 global markets. Halozyme and its
world-class partners are currently advancing multiple therapeutic
programs intended to deliver innovative therapies, with the
potential to improve the lives of patients around the globe.
Halozyme's proprietary enzyme rHuPH20 forms the basis of the
ENHANZE® technology and is used to facilitate the delivery of
injected drugs and fluids, potentially reducing the treatment
burden of other drugs to patients. Halozyme has licensed its
ENHANZE® technology to leading pharmaceutical and biotechnology
companies including Roche, Baxalta, Pfizer, AbbVie, Eli Lilly,
Bristol-Myers Squibb, Alexion, argenx, Horizon Therapeutics, ViiV
Healthcare and Chugai Pharmaceutical. Halozyme derives revenues
from these collaborations in the form of milestones and royalties
as Halozyme's partners make progress developing and commercializing
their products being developed using ENHANZE®. Halozyme is
headquartered in San Diego. For
more information visit www.halozyme.com and connect with
us on LinkedIn and Twitter.
Forward-Looking Statements
This press release
contains forward-looking statements as defined in the Private
Securities Litigation Reform Act of 1995, as amended.
Forward-looking statements are statements that are not historical
facts and may include projections and estimates and their
underlying assumptions, statements regarding plans, objectives,
intentions and expectations with respect to future financial
results, events, operations, services, product development and
potential and statements regarding future performance.
Forward-looking statements are generally identified by the words
"expects", "anticipates", "believes", "intends", "estimates",
"plans", "will be" and similar expressions. Although Halozyme
believes that the expectations reflected in such forward-looking
statements are reasonable, investors are cautioned that
forward-looking information and statements are subject to various
risks and uncertainties, many of which are difficult to predict and
generally beyond the control of Halozyme, that could cause actual
results and developments to differ materially from those expressed
in the forward-looking information and statements. These risks and
uncertainties include among other things, risks related to the
successful integration of Halozyme and Antares, that such
integration may be more difficult, time-consuming or costly than
expected or that the expected benefits of the acquisition will not
be realized, risks related to future opportunities and plans for
the combined company, including uncertainty of the expected
financial performance and results of the combined company, and the
possibility that, if Halozyme does not achieve the perceived
benefits of the acquisition as rapidly or to the extent anticipated
by financial analysts or investors, the market price of Halozyme's
shares could decline, as well as other risks related Halozyme's and
Antares' respective business, including the ability to grow sales
and revenues from existing products and to develop, commercialize
or market new products, competition, and the uncertainties inherent
in research and development, including decisions of regulatory
authorities regarding whether and when to approve any drug, device
or biological application that may be filed for any such product
candidates as well as their decisions regarding matters that could
affect the availability or commercial potential of such product
candidates and the fact that product candidates if approved may not
be commercially successful. While the list of factors presented
here is representative, no list should be considered a statement of
all potential risks, uncertainties or assumptions that could have a
material adverse effect on Halozyme's consolidated financial
condition or results of operations. The foregoing factors should be
read in conjunction with the risks and cautionary statements
discussed or identified in the public filings with the U.S.
Securities and Exchange Commission (the "SEC") made by Halozyme and
Antares, including those listed under "Risk Factors" and
"Cautionary Statement Regarding Forward-Looking Statements" in
Halozyme's and Antares' annual reports on Form 10-K for the year
ended December 31, 2021. The
forward-looking statements speak only as of the date hereof and,
other than as required by applicable law, Halozyme and Antares do
not undertake any obligation to update or revise any
forward-looking information or statements.
Contacts
For investor inquiries please
contact:
Dawn Schottlandt /
Claudia Styslinger
Argot Partners
212-600-1902
Halozyme@argotpartners.com
ir@halozyme.com
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SOURCE Halozyme Therapeutics, Inc.