Princeton-based ANI Pharmaceuticals, a diversified biopharmaceutical company that develops, manufactures and markets high-quality branded and generic prescription pharmaceutical products for diseases with high unmet medical need, on Tuesday announced the completion of its previously announced acquisition of Alimera Sciences.
Alimera Sciences is based in Alpharetta, Georgia.
“Today marks a major milestone in our strategy to expand our Rare Disease business and deliver on our purpose of ‘Serving Patients, Improving Lives,’” CEO Nikhil Lalwani said. “Alimera is highly synergistic to our Rare Disease business, and we believe our proven commercial execution capabilities can further unlock the value of ILUVIEN and YUTIQ, two growing and durable assets, as well as accelerate the growth of Cortrophin Gel in ophthalmology.”
Lalwani said the acquisition will have a big impact.
“We continue to expect the transaction to create substantial shareholder value and generate high single-digit to low double-digit accretion in 2025 adjusted non-GAAP EPS with substantially higher accretion thereafter,” he said.
“With this acquisition, ANI now has three commercial rare disease assets, an expanded global footprint and a robust Rare Disease team covering the specialties of ophthalmology, neurology, nephrology, rheumatology and pulmonology. I want to thank the employees of both companies and our advisers for their cooperation and diligence in closing this transformational transaction. We are thrilled to welcome Alimera to the ANI team.”
ANI said the transaction does the following:
- Solidifies Rare Disease segment as the largest driver of future growth:The combination with Alimera creates an attractive Rare Disease growth platform, adding approximately $105 million in 2024 revenue on a pro forma basis and expanding the Rare Disease segment to approximately 45% of pro forma 2024 revenues. The transaction also expands ANI’s footprint beyond the U.S. to 20 countries in Europe and beyond.
- Adds two durable commercial products with significant growth potential: ILUVIEN and YUTIQ are durable assets with high barriers to genericization, which the company believes have a clear role for patients in need of alternative therapeutic options. ANI sees the potential to unlock significant additional growth for both ILUVIEN and YUTIQ through commercial synergies and execution.
- Expands foothold in ophthalmology:During the first quarter, ANI launched a targeted ophthalmology-focused sales force for Cortrophin Gel. The team has continued to gain momentum in ophthalmology, driving significant growth in the number of new patient starts in the second quarter and third quarter to date. Importantly, the addition of Alimera expands the reach of the ophthalmology sales team to over 3,600 physicians. The company estimates that there is over 50% overlap between high potential prescribers of Cortrophin Gel, ILUVIEN and YUTIQ.
- Offers potential for substantial shareholder value creation: ANI continues to expect high single-digit to low double-digit accretion in 2025 adjusted non-Generally Accepted Accounting Principles Earnings Per Share with substantial accretion thereafter. The transaction is anticipated to deliver an additional $35-$38 million in 2025 adjusted non-GAAP Earnings Before Interest, Taxes, Depreciation and Amortization, inclusive of approximately $10 million in identified cost synergies with additional EBITDA contribution expected from accelerated growth of Cortrophin Gel within ophthalmology.
