M&A · Healthcare · Surgical & Medical Instruments & Apparatus
Halozyme Therapeutics, Inc. to acquire Antares Pharma, Inc.
Announced Apr 13, 2022 · Closed May 24, 2022
Deal value$960MEV $907M
Premium50.0%To unaffected price
EV / Adj. EBITDA23.1x4.9x EV / Revenue
ConsiderationAll cash$5.60 per share
Transaction
- Acquirer
- Halozyme Therapeutics, Inc. (HALO)
- Target
- Antares Pharma, Inc.
- Buyer type
- Strategic
- Offer price per share
- $5.60
- Enterprise value
- $907M
- Status
- Closed May 24, 2022
Deal protections
- Break fee (target pays)
- $33.0M · 3.4%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- BofA Securities, Wells Fargo
- To the target
- Jefferies
- Jefferies fee
- $17.5M
Sector context · Healthcare
- Comparable deals
- 40 in the prior 24 months
- Premium
- 50.0% vs. 45.0% sector median
- EV / Adj. EBITDA
- 23.1x vs. 19.3x sector median
- Break fee
- 3.4% vs. 3.3% sector median
Timeline
- AnnouncedApr 13, 2022
- Tender offerApr 26, 2022
- ClosedMay 24, 2022
Valuation · fairness opinions
Trading comparables$3.33$3.96
Trading comparables$3.76$4.56
Precedent transactions$3.74$4.65
Precedent transactions$4.76$5.76
Offer $5.60
Implied value per Antares Pharma, Inc. share by analysis, from Jefferies.