ANI Offers $560 Million for Egetis to Expand Rare Disease Business

Rare Daily Staff

ANI Pharmaceuticals has offered to acquire Sweden’s Egetis Therapeutics for approximately $560 million, a deal that would add a newly approved treatment for complications of a rare genetic disorder to its growing rare disease business.

The offer centers on Emcitate, Egetis’ treatment for peripheral thyrotoxicosis, a harmful excess of thyroid hormone in the bloodstream, in people with MCT8 deficiency.

MCT8 deficiency causes severe lifelong disability and places substantial demands on caregivers. The disorder disrupts a protein that transports thyroid hormone into the brain. As a result, the brain receives too little thyroid hormone while excessive amounts accumulate in the bloodstream, potentially causing rapid heart rate, high blood pressure and metabolic problems.

Emcitate, also called tiratricol, lowers excess thyroid hormone levels in the blood. Its approved use addresses peripheral thyrotoxicosis, rather than the full range of neurological and developmental problems associated with MCT8 deficiency.

The drug received U.S. Food and Drug Administration approval on September 28, following European Commission approval in February 2025. It is the first and only approved treatment for that complication in the United States and Europe.

ANI is offering 11.25 Swedish kronor, or approximately $1.16, per share, a 27 percent premium to Egetis’ average share price over the preceding 60 trading days, weighted by trading volume. Egetis’ board unanimously recommended the offer, and shareholders holding approximately 42 percent of its outstanding shares have committed to accept it under certain conditions.

ANI estimates that Emcitate could generate more than $300 million in peak annual sales in its approved indication. ANI also cited regulatory exclusivity in the United States and Europe and a U.S. patent extending into mid-2045 as support for the drug’s long-term commercial prospects.

The proposed acquisition would advance ANI’s effort to shift more of its business toward rare disease medicines. The company, which also sells generic and other branded drugs, expects higher-margin rare disease products to account for a substantial majority of revenue by the end of the decade.

“This proposed acquisition further accelerates our transformation,” said Nikhil Lalwani, ANI’s president and CEO. He said the transaction follows the company’s strategy of adding differentiated commercial medicines that can benefit from its existing expertise and infrastructure.

ANI plans to combine Egetis’ development and commercialization capabilities with its own medical affairs, patient access and reimbursement support operations. The acquisition would also bring an Egetis research team studying tiratricol for another condition, resistance to thyroid hormone beta.

The approximately $560 million offer value includes outstanding incentive programs. ANI’s offer also covers Egetis’ convertible debt and warrants.

A separate transaction would offset part of the acquisition’s cost. Egetis announced November 4 that it had agreed to sell its Rare Pediatric Disease Priority Review Voucher for $190 million in gross proceeds. Some of those proceeds are owed to former owners of Rare Thyroid Therapeutics International under agreements tied to Egetis’ earlier acquisition of that company.

After accounting for the estimated net voucher proceeds, ANI puts the proposed deal’s enterprise value at approximately $434 million. The offer price already reflects the voucher sale’s net value, the company said.

ANI plans to fund the purchase with cash on hand and new debt financing. Completion remains subject to regulatory approvals and other conditions, including acceptance by shareholders representing at least 90 percent of Egetis’ outstanding shares.

Photo: Nikhil Lalwani, ANI’s president and CEO