ANI Pharmaceuticals completes acquisition of Alimera Sciences

(Image Credit: AdobeStock)

ANI Pharmaceuticals Inc. announced the completion of its previously announced acquisition of Alimera Sciences Inc.

Under the terms of the agreement, ANI acquired all outstanding shares of Alimera for $5.50 per share. The company also repaid $72.5 million of Alimera debt.

ANI noted in a news release that Alimera investors received one non-tradable contingent value right (CVR) representing the right to receive up to $0.50 per share upon the achievement of certain net revenue targets in 2026 and 2027.¹

Nikhil Lalwani, president and CEO of ANI, pointed out that the acquisition marks a major milestone in the company’s strategy to expand its rare disease business.

“Alimera is highly synergistic to our rare disease business, and we believe our proven commercial execution capabilities can further unlock the value of Iluvien and Yutiq, 2 growing and durable assets, as well as accelerate the growth of cortrophin gel in ophthalmology,” Lalwani said in a news release. “We continue to expect the transaction to create substantial shareholder value and generate high single-digit to low double-digit accretion in 2025 adjusted non-GAAP EPS with substantially higher accretion thereafter.”

Lalwani added that the company was pleased to welcome Alimera to the ANI team.

“With this acquisition, ANI now has three commercial rare disease assets, an expanded global footprint, and a robust Rare Disease team covering the specialties of ophthalmology, neurology, nephrology, rheumatology, and pulmonology. I want to thank the employees of both companies and our advisors for their cooperation and diligence in closing this transformational transaction,” Lalwani said.

Stephen Carey, senior vice president and chief financial officer of ANI, lauded the acquisition.

“ANI’s new capital structure provides us significant financial flexibility to support the integration of Alimera and continue investing in organic growth initiatives while also significantly reducing our interest expense and increasing cash flow,” he said in the news release.

ANI noted its combination with Alimera will be a robust rare disease growth platform, adding approximately $105 million in 2024 revenue on a pro forma basis and expanding the segment to an estimated 45% of pro forma 2024 revenues.¹

The company noted the transaction will expand ANI’s footprint beyond the United States to 20 countries in Europe and beyond.

As part of the acquisition, ANI will add Illuvien and Yutiq, both durable assets with high barriers to genericization which the company believes have a clear role for patients in need of alternative therapeutic options.

The acquisition also expands ANI’s footprint in ophthalmology and could expand the growth of cortrophin gel in this area. Earlier this year, ANI launched a targeted ophthalmology-focused sales force for the gel.

The company noted the team has made inroads in ophthalmology, driving growth in the number of new patient starts in the second quarter and third quarter to date. Importantly, the addition of Alimera expands the reach of the ophthalmology sales team to more than 3600 physicians.

Reference:

1. ANI Pharmaceuticals, Inc. ANI Pharmaceuticals, Inc. Completes Acquisition of Alimera Sciences. GlobeNewswire News Room. Published September 16, 2024. Accessed September 17, 2024. https://www.globenewswire.com/news-release/2024/09/16/2946667/0/en/ANI-Pharmaceuticals-Inc-Completes-Acquisition-of-Alimera-Sciences.html