ANI Pharmaceuticals to acquire Alimera Sciences
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Key takeaways:
- ANI aims to strengthen its rare disease segment through the addition of Iluvien and Yutiq.
- The deal is expected to close in the third quarter.
ANI Pharmaceuticals will acquire Alimera Sciences under the terms of a definitive agreement, according to a press release.
With the acquisition, ANI aims to strengthen its rare disease business as the largest driver of its future growth through the addition of Iluvien (fluocinolone acetonide intravitreal implant 0.19 mg) for the treatment of diabetic macular edema in the United States, Europe and the Middle East, as well as noninfectious uveitis affecting the posterior segment of the eye in Europe and the Middle East, and Yutiq (fluocinolone acetonide intravitreal implant 0.18 mg) for the treatment of chronic noninfectious uveitis affecting the posterior segment of the eye in the United States.
Under the terms of the agreement, ANI will acquire outstanding shares of Alimera for $5.50 per share in cash at closing, with Alimera valued at approximately $381 million in upfront consideration. In addition, Ani will receive one non-tradable contingent value right representing the right to receive “up to $0.50 per share upon the achievement of certain net revenue targets in 2026 and 2027,” the release said.
The boards of directors of both companies have approved the transaction, which is expected to close in the third quarter.
“We believe ANI’s proven commercial execution capabilities can further unlock Iluvien and Yutiq, two growing and durable assets that would add approximately $105 million in pro forma 2024 revenues to our company,” Nikhil Lalwani, president and CEO of ANI, said in the release. “The transaction is expected to drive substantial shareholder value creation through high single-digit to low double-digit accretion in adjusted non-GAAP EPS in 2025 and a substantial increase in accretion thereafter.”
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