ANI scoops up Alimera, 2 approved ophthalmology meds for $381M-plus

24 Jun 2024
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Deals
www.fiercepharma.com
AcquisitionDrug ApprovalBiosimilar
ANI scoops up Alimera, 2 approved ophthalmology meds for $381M-plus
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Source: FiercePharma
The deal values Alimera at $381 million in up front cash. Both companies' boards have signed off on the agreement.
Over the years, ANI Pharmaceuticals has grown itself in part through a series of strategic acquisitions. Now, the company has inked a sizable deal to get its hands on ophthalmology specialist Alimera Sciences and its two approved commercial drugs.
For $5.50 per share and a contingent value right (CVR) worth up to $0.50 per share, ANI has agreed to purchase Alimera and its ophthalmology offerings Iluvien and Yutiq. The CVR is payable to Alimera's investors if the acquired company hits certain revenue targets in 2026 and 2027, ANI said in a Monday press release.
The deal values Alimera at about $381 million in up front cash, and the price represents a 75% premium to Alimera's closing share price on Friday. The companies expect the acquisition to close late in the third quarter of this year.
Alimera's Iluvien is approved to treat diabetic macular edema in the U.S., Europe and the Middle East, plus chronic non-infectious uveitis affecting the posterior segment (NIU-PS) of the eye in the Middle East.
As for Yutiq, that drug is cleared to treat NIU-PS in the U.S.
Both drugs are intravitreal implants that are surgically placed in the back of patients' eyes for sustained release of the desired medicines. ANI expects the pair of drugs to generate around $105 million annually under its custody.
Further, ANI believes that the deal will allow it to grow in ophthalmology, a "key strategic therapeutic area" for the drugmaker. The deal cements ANI's rare disease portfolio as its largest growth driver, the company added in its release.
With U.S. operations in Minnesota and New Jersey, ANI generated $487 million last year, a 54% increase over the prior year, according to a recent investor presentation (PDF).
In rare diseases, the company says Purified Cortrophin Gel is its lead asset. The medicine is approved to help treat patients with a range of disorders, and ANI believes the incoming Alimera operations can help bolster its ophthalmology launch of the gel.
ANI has not been shy on the deal-making front in the past. In 2021, the company agreed to pay up to $210 million to buy privately held generic drugmaker Novitum. Aside from that agreement, the company has inked deals to buy drug assets from Merck, Teva and Oakrum Pharma.
As for Alimera, the company employed about 160 people as of February and generated $80.8 million last year. ANI has identified about $10 million in "cost synergies" that it plans to realize through the acquisition. Alimera has operations in Germany, the U.K., Portugal and Ireland, ANI said in its release.
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