Tuesday, June 25, 2024
ANI Pharmaceuticals, Inc. (Nasdaq: ANIP) and Alimera Sciences, Inc. (Nasdaq: ALIM) have announced a definitive agreement where ANI will acquire Alimera for $5.50 per share in cash at closing, along with a contingent value right (CVR) offering an additional $0.50 per share contingent on achieving specified net revenue targets in 2026 and 2027. The transaction values Alimera at approximately $381 million initially and has been approved by both companies' Boards of Directors. The closing is anticipated in the late third quarter of 2024, subject to customary closing conditions.
Alimera is a global pharmaceutical company focused on improving vision longevity for patients and physicians. Its portfolio includes ILUVIEN and YUTIQ, addressing diabetic macular edema (DME) and chronic non-infectious uveitis affecting the posterior segment (NIU-PS) of the eye. ANI sees this acquisition as transformative, enhancing its Rare Disease business and leveraging its commercial capabilities to maximize the potential of ILUVIEN and YUTIQ.
ANI, highlighted the strategic fit of Alimera with ANI's Rare Disease expansion, emphasizing anticipated synergies in commercial execution. Rick Eiswirth, President and CEO of Alimera, expressed confidence in the transaction's value for shareholders and alignment with both companies' patient-centric missions.
The transaction aims to significantly bolster ANI’s presence in ophthalmology, building on its recent strategic initiatives in the field. Financing for the acquisition includes a combination of cash on hand and debt financing, with committed support from J.P. Morgan and Blackstone Credit & Insurance.
Overall, ANI expects the acquisition to drive shareholder value through earnings per share accretion and expanded revenue potential, supported by synergistic integration and growth in key therapeutic areas.
Source: globenewswire.com
