RARE Daily

Ani Pharma Acquires Alimera, Expanding Its Rare Disease Business

June 24, 2024

Rare Daily Staff

Ani Pharmaceuticals strengthened its rare disease business in ophthalmology with the acquisition of Alimera Sciences in a deal valued at $381 million upfront.

Under the terms of their merger agreement, ANI will acquire all of the outstanding shares of Alimera for $5.50 per share, which represents a 75 percent premium to Alimera’s closing share price of $3.15 on June 21, 2024, and 82 percent premium to Alimera’s 30-day volume weighted average price of $3.03. ANI will also repay $72.5 million of Alimera debt.

Alimera investors will also be entitled to a CVR for up to $0.50 per share, based on achieving net revenue in excess of specified thresholds in 2026 and 2027. The deal has been approved by both the companies’ boards of directors and is expected to close late in the third quarter of 2024.

Alimera’s two commercial products treat diabetic macular edema (DME) and chronic non-infectious uveitis affecting the posterior segment of the eye. Iluvien is indicated for DME in the United States, Europe, and the Middle East as well as for NIU-PS in Europe and the Middle East. Yutiq (fluocinolone acetonide intravitreal implant 0.18mg) is available in the United States only and is indicated for the treatment of chronic NIU-PS.

Ani Pharma says the deal positions its rare disease as the largest driver of future growth, which is expected to account for approximately 45 percent of pro forma 2024 revenues with robust growth potential. The company believes there is significant growth potential for both Iluvien and Yutiq that it can unlock through commercial synergies and execution.

“Alimera represents what we believe is a highly synergistic complement to this newly established specialty and will leverage our existing Rare Disease infrastructure,” said Nikhil Lalwani, president and CEO of Ani.

The transaction also expands Ani’s footprint beyond the U.S. with the addition of Alimera’s direct marketing operations located in Germany, the United Kingdom, Portugal, and Ireland, as well as its partnerships in Europe, Asia, and the Middle East.

The deal also expands Ani’s foothold in ophthalmology and accelerates growth of its marketed product Cortrophin Gel in this key therapeutic area. During the first quarter of 2024, Ani launched a targeted ophthalmology-focused sales force for Cortrophin Gel and Ani estimates that there is over 50 percent overlap between high potential prescribers of Cortrophin Gel and Iluvien/Yutiq.

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