ANI Pharmaceuticals to Acquire Alimera Sciences for $381 Million

ANI Pharmaceuticals, Inc. (ANIP) and Georgia-based biopharmaceutical company Alimera Sciences, Inc. (ALIM) on June 24, 2024, entered into a definitive agreement under which ANI will acquire Alimera for $381 million.

Deal Structure:

As per the agreement, ANI will acquire Alimera for $5.50 per share in cash, representing a premium of 74.6% from the stock’s last close.

Along with the cash, Alimera shareholders will receive one non-tradable contingent value right (CVR) of up to $0.50 per share, with up to $0.25 per share for net revenues exceeding $140 million in 2026 (sliding scale-up to $150 million) and up to $0.25 per share for net revenues exceeding $160 million in 2027 (sliding scale up to $175 million).

Company Profile:

Alimera Sciences, Inc., headquartered in Alpharetta, Georgia, develops and commercializes retinal pharmaceuticals such as ILUVIEN and YUTIQ, operates through various segments, and sells to physician offices, clinics, pharmacies, and hospitals.

ANI Pharmaceuticals, Inc. is a biopharmaceutical company that develops, manufactures, and markets branded and generic prescription drugs, focusing on sustainable growth through its Rare Disease business with Purified Cortrophin Gel, enhanced Generics R&D, innovation in Established Brands, and leveraging its U.S. manufacturing capabilities.

Deal Details and Timeline:

ANI expects this acquisition to add about $105 million in brand revenues, strengthening its Rare Disease business. Alimera’s ILUVIEN and YUTIQ will add to ANI’s ophthalmology segment.

Alimera’s current EV/EBITDA (TTM) ratio is 21.82, above the sector median of 15.48.

The deal, expected to close late in the third quarter of 2024, will help ANI expand its reach to the European and Middle Eastern markets through Alimera’s reach.

Deal Metrics:

For more details regarding this M&A transaction, please visit the Deal Metrics page here:

Deal Metrics for the acquisition of Alimera Sciences, Inc. (ALIM) by ANI Pharmaceuticals, Inc. (ANIP)

The Deal Metrics page for each merger or acquisition includes:

– A spread history chart of the merger from announcement through eventual completion or failure.
– Every event as the merger progresses through the expiration of the HSR period, various regulatory approvals, shareholder votes, etc.
– News and SEC filings.
– A history of deal updates.
– And a whole lot more.

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Editor’s Note: Baranjot Kaur contributed to this article