Generics Player ANI Pharmaceuticals Strengthens Rare Disease Segment With $380M Alimera Sciences Deal
Generics Player ANI Pharmaceuticals Strengthens Rare Disease Segment With $380M Alimera Sciences Deal
On Monday, ANI Pharmaceuticals Inc (NASDAQ:ANIP) agreed to acquire Alimera Sciences Inc (NASDAQ:ALIM) for $5.50 per share in cash and one non-tradable contingent value right (CVR) of up to $0.50 per share upon the achievement of certain net revenue targets in 2026 and 2027.
ANI Pharmaceuticals Inc (NASDAQ:ANIP)周一同意以每股$5.50的现金和每股最高可达$0.50的不可交易的相关权益（CVR）收购Alimera Sciences Inc (NASDAQ:ALIM)，条件是在2026年和2027年实现特定的净营业收入目标。
ANI will also repay $72.5 million of Alimera debt.
ANI还将偿还$72.5百万的Alimera债务。
The transaction, which values Alimera at approximately $381 million in upfront consideration, has been approved by both the ANI and Alimera Boards of Directors and is expected to close late in the third quarter of 2024.
根据协议，该交易以大约$3.81亿美元的现金和股份为基础，已经得到ANI和Alimera董事会的批准，预计将在2024年第三季度延后关闭。
Alimera's two commercial products include
Alimera的两个商业产品包括
- Iluvien (fluocinolone acetonide intravitreal implant 0.19mg) is indicated for diabetic macular edema in the U.S., Europe and the Middle East and chronic non-infectious uveitis affecting the posterior segment (NIU-PS) in Europe and the Middle East.
- Yutiq (fluocinolone acetonide intravitreal implant 0.18mg) is available in the U.S. only and is indicated for chronic NIU-PS.
- ILUVIEN（氟轻松酮乙酸树脂玻璃体内植入0.19毫克）在美国、欧洲和中东地区用于糖尿病黄斑水肿，用于影响后节的慢性非感染性葡萄膜炎（NIU-PS）在欧洲和中东地区。
- YUTIQ（氟轻松酮乙酸树脂玻璃体内植入0.18毫克）只在美国销售，用于慢性NIU-PS。
Nikhil Lalwani, President and CEO of ANI, stated, "We believe ANI's proven commercial execution capabilities can further unlock ILUVIEN and YUTIQ, two growing and durable assets that would add approximately $105 million in pro forma 2024 revenues to our Company."
ANI总裁兼首席执行官Nikhil Lalwani表示："我们相信ANI的验证商业执行能力可以进一步释放ILUVIEN和YUTIQ的潜力，这是两个增长和持久的资产，将为我们公司增加大约1.05亿美元的2024年形式主义营业收入。"
Transaction Rationale
交易合理性
The combination with Alimera will create an attractive Rare Disease growth platform which is expected to account for approximately 45% of pro forma 2024 revenues.
Alimera的合并将创建一个有吸引力的罕见病增长平台，预计将占到形式主义2024年营业收入的45％左右。
The transaction also expands ANI's footprint beyond the U.S. with the addition of Alimera's direct marketing operations in Germany, the United Kingdom, Portugal, and Ireland, as well as its partnerships in Europe, Asia, and the Middle East.
该交易还将扩大ANI的海外业务范围，包括Alimera在德国、英国、葡萄牙和爱尔兰的直接营销业务以及它在欧洲、亚洲和中东的合作伙伴。
During the first quarter of 2024, ANI launched a targeted ophthalmology-focused sales force for Cortrophin Gel. The transaction will expand the reach of the ophthalmology sales team to over 3,600 physicians. Importantly, the company estimates that there is over 50% overlap between high-potential prescribers of Cortrophin Gel and ILUVIEN / YUTIQ.
2024年第一季度，ANI启动了一个针对Cortrophin Gel的眼科医疗销售团队。该交易将扩大眼科医疗销售团队的覆盖范围，覆盖超过3600名医生。重要的是，该公司估计Cortrophin Gel和ILUVIEN / YUTIQ有超过50％的潜在处方医生重叠。
ANI expects high single-digit to low double-digit accretion in adjusted non-GAAP EPS in 2025 and substantial accretion thereafter.
ANI预计在2025年调整后的非GAAP每股收益中将有高个位数到低双位数的增长，此后有显著的增长。
The transaction is anticipated to deliver an additional $35 million – $38 million in 2025 adjusted non-GAAP EBITDA inclusive of approximately $10 million in identified cost synergies with additional EBITDA contribution expected from accelerated growth of Cortrophin Gel within ophthalmology.
此举预计将在交易完成后提供额外的$3500万到$3800万的2025年调整后的非GAAP EBITDA，包括约$1000万的已确认的成本协同效益，预计通过加速眼科内Cortrophin Gel实现的增长为期望的EBITDA贡献。
ANI anticipates 3.2x pro-forma leverage upon closing and significant organic de-levering in 2025.
ANI预计在交易完成后的杠杆率为3.2倍，2025年有显著的有机去杠杆。
Price Action: ALIM shares are up 76.5% at $5.56 at the last check on Monday.
周一检查时，ALIM的股价上涨了76.5％，股价为$5.56。