Baudette, Minnesota-based drug manufacturer ANI Pharmaceuticals announced that it will acquire Alimera Sciences.
ANI Pharmaceuticals will acquire Alimera with cash and financing, paying $5.50 per share — a 75% premium over Alimera’s previous close, plus as much as 50¢ per share more should the business hit revenue goals in 2026 and 2027. The transaction is valued at $381 million.
Alimera Sciences is an Alpharetta, Georgia-based pharmaceutical company that develops and commercializes prescription ophthalmic retinal pharmaceuticals. Alimera has 160 employees globally and markets two products: Iluvien, which treats diabetic macular edema, and Yutiq, which treats chronic non-infectious uveitis.
ANI Pharmaceuticals is an integrated specialty pharmaceutical company developing, manufacturing and marketing branded and generic prescription pharmaceuticals. Its target areas of product development include narcotics, oncolytics, hormones, steroids and complex formulations involving extended release and combination products.
The deal is expected to close in the third quarter of 2024. The transaction expands ANI’s footprint beyond the United States 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 acquisition of Alimera expands ANI’s fast-growing rare-disease business, which it introduced in 2022 with Cortrophin gel, an injectable medication that treats a variety of inflammatory conditions.
Nikhil Lalwani, president and CEO of ANI, stated with the acquisition of Alimera that ANI could expand the products’ potential and generate revenues of $105 million in 2024.
According to data captured in the LevinPro HC database, this acquisition represents the 25th Pharmaceutical deal of 2024. There were 107 Pharmaceutical transactions announced during 2023, and 96 announced during 2022.
