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.