Halozyme Therapeutics, Inc. · NASDAQ:HALO
Halozyme Therapeutics — Merger or Acquisition (April 2022)
20 slides from Halozyme Therapeutics's merger presentation, Apr 13, 2022
Slide 1: Halozyme to Acquire Antares Pharma
Halozyme to Acquire Antares Pharma Investor Conference Call April 13, 2022
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains “forward-looking statements”. All statements, other than statements of historical fact, included herein, including without limitation those regarding our future product development and regulatory events and goals, product collaborations, our busi
Slide 3: About The Offer
About The Offer The tender offer for the outstanding shares of Antares common stock referenced in this presentation has not yet commenced. This presentation is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell securities, nor is it a substitut
Slide 4: Agenda
Agenda Review of Halozyme Strategic Priorities and Transaction Rationale Transaction Terms, Funding and Timing Antares Platform and Portfolio Overview, Long-Term Vision Q&A 3
Slide 5: Halozyme's Strategic and Capital Allocation Priorities
Halozyme's Strategic and Capital Allocation Priorities Strategic & Capital Invest to Maximize Identify Opportunities for Return Capital to Allocation ENHANZE® Revenue Growth External Growth Shareholders Priorities and Durability Potential BD Expanding Platform Technologies Business Differentiated pl
Slide 6: Antares Portfolio Offers Diversified Commercial and Platform Royalty Revenues
Antares Portfolio Offers Diversified Commercial and Platform Royalty Revenues PROPRIETARY PRODUCTS ROYALTY BUSINESS Commercial Development Commercial Development XYOSTED®, TLANDOTM, and ATRS-1901, Generic EpiPen®, Generic Teva (Generic Forteo® (U.S.)), NOCDURNA® ATRS-1902, and ATRS- Forsteo® (Ex-U.S
Slide 7: Transaction Overview
Transaction Overview • $5.60 per share in cash at closing Consideration • Total transaction value: ~$960mm • Majority funding through existing cash, supplemented with new sources of low-cost bank debt Transaction not subject to any financing condition Funding & Leverage • • Expect leverage to be <3.
Slide 8: Transaction Rationale Summary
Transaction Rationale Summary • Differentiated auto injector platform that can be licensed widely and potentially extend to higher volume auto injectors Strategic Fit • Ability to leverage existing U.S. commercial infrastructure to promote proprietary products with substantial growth trajectory Risk
Slide 9: Creating a Leading Drug Delivery and Specialty Products Company
Creating a Leading Drug Delivery and Specialty Products Company Leading commercial auto injector Leading drug delivery franchise, platform and domain expertise positioning Halozyme as the partner Commercially validated ENHANZE® of choice for innovative product technology, with leading pharma & Effic
Slide 10: Antares Suite of Auto Injector Offerings Are Widely Licensable
Antares Suite of Auto Injector Offerings Are Widely Licensable QuickShotTM and VIBEXTM VAITM Pen Injector System BigShotTM Auto Injectors Auto Injectors Auto Injector • Accepts up to 1mL and • Accepts 1mL pre-filled • Compatible with up to • Multi-dose, disposable 2.25mL pre-filled syringe syringe 2
Slide 11: Licensable Auto Injector Platform Can Drive Meaningful Revenue Opportunities
Licensable Auto Injector Platform Can Drive Meaningful Revenue Opportunities Current Applications Potential Future Applications Branded devices with off-patent API Multi-billion dollar large and small molecule opportunity with potential to convert to Auto Injector Device Branded / unbranded • High a
Slide 12: Leveraging Our Joint Expertise to Unlock High Volume Drug Delivery Opportunity
Leveraging Our Joint Expertise to Unlock High Volume Drug Delivery Opportunity Commercially validated Leading auto injector platform ENHANZE ® platform and domain expertise technology, world class Partner of Choice partners Flexible delivery force, for Patient injection speed and Potential to suppor
Slide 13: Established U.S. Commercial Footprint Drives Near-Term Revenue Growth
Established U.S. Commercial Footprint Drives Near-Term Revenue Growth with Business Development Opportunity for Future Growth Focus • XYOSTED ® • TLANDOTM • NOCDURNA ® Sales Force • 108 representatives • 12 regional managers • 2 area directors Targeting • 16,000 urologists, endocrinologists and prim
Slide 14: XYOSTED: Cornerstone of the Antares Commercial Portfolio
XYOSTED ® Cornerstone of the Antares Commercial Portfolio TRT Market is Large and Growing XYOSTED ® Quarterly TrX Growth 500,000 80000 (in Millions) 2021 TRT GROWTH NRx Refills 10 5.1% 60000 400,000 9 2021 TRT TRX 8.0M 2021 TRT INJECTABLE GROWTH 40000 8 5.4% 20000 300,000 7 2021 TRT INJECTABLE TRX 6
Slide 15: TLANDO: Expanding the TRT Franchise
TLANDOTM Expanding the TRT Franchise FDA full approval March 28, 2022 2X/daily oral administration First oral TRT without titration requirement Expect to launch in 2Q 2022 14
Slide 16: Antares Immediately Accelerates Halozyme Growth Prospects and Adds Long-Term Durability of Revenues
Antares Immediately Accelerates Halozyme Growth Prospects and Adds Long-Term Durability of Revenues PROJECTED REVENUE POTENTIAL $1B Drivers Drivers Drivers Current Portfolio • Wave 5 ENHANZE® Products Current Portfolio • Co-formulation patents • Waves 1, 2, 3 and 4 Products submitted 2022-2027 • Gra
Slide 17: Transaction Rationale Summary
Transaction Rationale Summary • Differentiated auto injector platform that can be licensed widely and potentially extend to higher volume auto injectors Strategic Fit • Ability to leverage existing U.S. commercial infrastructure to promote proprietary products with substantial growth trajectory Risk
Slide 18: Appendix
Appendix
Slide 19: 2022 Financial Guidance Highlights (Excluding Antares)
2022 Financial Guidance Highlights (Excluding Antares) 2021 2022 • ~20-26% growth • Includes one new deal upfront milestone Total Revenue $443.3M $530M-$560M • API and milestone revenue overall similar to 2021 • First time annual revenue >$500M • Project ~50% YoY Growth Royalty Revenue $203.9M ~$300
Slide 20: GAAP to Non-GAAP Reconciliation: Net Income and Diluted EPS 2022 Guidance
GAAP to Non-GAAP Reconciliation: Net Income and Diluted EPS 2022 Guidance $ U.S. in Millions, except EPS (unaudited) Dollar amounts, as presented, are rounded. Consequently, totals may not add up. 19
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