Less than 3 months after announcing a definitive agreement, ANI Pharmaceuticals, Inc. has completed its acquisition of Alimera Sciences, Inc.
First things first: these companies.
Headquartered in Baudette, Minnesota, ANI is an integrated biopharmaceutical company specializing in diseases—specifically rare diseases—with unmet needs.
- Its focus extends to: Developing, manufacturing, and marketing branded and generic prescription-based pharmaceutical products
Based in Alpharetta, Georgia, Alimera is a global biopharmaceutical company involved in the commercialization and sales of prescription-based ophthalmic pharmaceuticals.
What therapeutics is Alimera known for?
While the company’s focus is primarily on retinal disease—as evidenced by its FDA-approved ILUVIEN (fluocinolone acetonide intravitreal implant) 0.19 mg, indicated for the treatment of diabetic macular edema (DME), it’s also involved in noninfectious posterior uveitis (NIU) treatment.
- In fact: ILUVIEN is marked with an NIU indication outside of the United States.
Even further: Alimera also owns the commercial rights to YUTIQ (fluocinolone acetonide intravitreal implant) 0.18 mg—indicated for chronic NIU—which it purchased from EyePoint Pharmaceuticals in 2023.
Sounds like ANI just gained a major global foothold with these therapeutics …
Indeed it did—particularly considering that now has three commercial ophthalmic rare disease assets: ILUVIEN, YITUQ, and Purified Cortrophin Gel (Cortrophin Gel).
About Cortophin Gel: This FDA-approved prescription-based medication is indicated to treat severe acute and chronic allergic and inflammatory ocular conditions such as:
- Allergic conjunctivitis
- Keratitis
- Iritis and iridocyclitis
- Optic neuritis
- Chorioretinitis
Per ANI: With these three products, the company estimates its expanded ophthalmology customer reach includes a +50% “overlap between high potential prescribers.”
Now let’s talk acquisition terms.
Per the transaction, ANI has taken over all of Alimera’s outstanding terms (at $5.50 per share) and repaid $72.5 million of its debt.
For Alimera’s investors: Each received “one non-tradable contingent value right (CVR)” that warranted them the right to receive “up to $0.50 per share”—providing ANI achieves certain net revenue targets in 2026 and 2027.
- Note: A CVR is a cash payment that’s contingent on a future event (such as those net revenue targets) that can’t be sold or traded, as stipulated above.
And from a big-picture revenue perspective?
Looking specifically at the rare disease segment, ANI has added an estimated $150 million in 2024 revenue on a pro forma basis—gaining a foothold in not just the United States, but also 20 European (and beyond) countries, the company reported.
And for 2025?
This acquisition is expected to “deliver an additional $35 - $38 million in 2025 adjusted non-GAAP [Generally Accepted Accounting Principles] EBITDA [earnings before interest, taxes, depreciation, and amortization; an alternative measure of profitability to net income] inclusive of approximately $10 million in identified cost synergies.”
- Note: Check out this explanation on non-GAAP and click here for the rundown on GAAP.
Gotcha. So what’s next for this newly-combined company?
In terms of clinical updates to keep an eye on, YUTIQ is currently undergoing a phase 4 Synchronicity study, with Clinical Trials estimating its conclusion for November 2025. Stay tuned for interim data!