ANI acquires Alimera and 2 ophthalmology meds for $381M

ANI Pharmaceuticals has taken a significant step forward in its growth strategy by acquiring Alimera Sciences, an ophthalmology specialist, along with its two approved commercial drugs. The acquisition deal is valued at $381 million in upfront cash, with the agreement confirmed by both companies' boards. Alimera's shares are being purchased for $5.50 each, with an additional contingent value right (CVR) worth up to $0.50 per share, dependent on certain revenue targets being met in 2026 and 2027.

The acquisition price offers a 75% premium over Alimera's closing share price from the previous Friday. Both companies anticipate that the transaction will be finalized by the end of the third quarter of this year.

Alimera's pharmaceutical portfolio includes Iluvien and Yutiq. Iluvien is approved for treating diabetic macular edema in the U.S., Europe, and the Middle East, as well as chronic non-infectious uveitis affecting the posterior segment (NIU-PS) of the eye in the Middle East. Yutiq is cleared in the U.S. for treating NIU-PS. Both medications are intravitreal implants designed for the sustained release of drugs into the back of the eye. ANI forecasts that these drugs will generate approximately $105 million in annual revenue.

The acquisition aligns with ANI's strategic focus on ophthalmology, which it identifies as a key growth area. This move also strengthens ANI's rare disease portfolio, which is a major driver of the company's growth. According to a recent investor presentation, ANI's U.S. operations are based in Minnesota and New Jersey, and the company recorded $487 million in revenue last year, marking a 54% increase from the previous year.

In the realm of rare diseases, ANI's lead asset is Purified Cortrophin Gel, approved for treating various disorders. The company anticipates that Alimera's operations will enhance its ophthalmology-related initiatives, particularly the launch of this gel.

ANI Pharmaceuticals has a history of strategic acquisitions. In 2021, the company agreed to a deal worth up to $210 million to acquire Novitum, a privately held generic drug manufacturer. ANI has also acquired drug assets from major companies such as Merck, Teva, and Oakrum Pharma.

Alimera Sciences, which employs about 160 people as of February, generated $80.8 million in revenue last year. ANI has identified approximately $10 million in cost synergies that it aims to achieve through this acquisition. Alimera has operations in Germany, the U.K., Portugal, and Ireland, which ANI highlighted in its release.