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)週一同意以每股$5.50的現金和每股最高可達$0.50的不可交易的相關權益（CVR）收購Alimera Sciences Inc (NASDAQ:ALIM)，條件是在2026年和2027年實現特定的淨營業收入目標。
ANI will also repay $72.5 million of Alimera debt.
ANI還將償還$72.5百萬的Alimera債務。
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.
根據協議，該交易以大約$3.81億美元的現金和股份爲基礎，已經得到ANI和Alimera董事會的批准，預計將在2024年第三季度延後關閉。
Alimera's two commercial products include
Alimera的兩個商業產品包括
- 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（氟輕鬆酮乙酸樹脂玻璃體內植入0.19毫克）在美國、歐洲和中東地區用於糖尿病黃斑水腫，用於影響後節的慢性非感染性葡萄膜炎（NIU-PS）在歐洲和中東地區。
- YUTIQ（氟輕鬆酮乙酸樹脂玻璃體內植入0.18毫克）只在美國銷售，用於慢性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總裁兼首席執行官Nikhil Lalwani表示："我們相信ANI的驗證商業執行能力可以進一步釋放ILUVIEN和YUTIQ的潛力，這是兩個增長和持久的資產，將爲我們公司增加大約1.05億美元的2024年形式主義營業收入。"
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的合併將創建一個有吸引力的罕見病增長平台，預計將佔到形式主義2024年營業收入的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.
該交易還將擴大ANI的海外業務範圍，包括Alimera在德國、英國、葡萄牙和愛爾蘭的直接營銷業務以及它在歐洲、亞洲和中東的合作伙伴。
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.
在2024年第一季度，ANI推出了針對眼科的Cortrophin Gel銷售團隊。這筆交易將擴大眼科銷售團隊的覆蓋範圍，達到3600多名醫生。重要的是，公司估計Cortrophin Gel和ILUVIEN / YUTIQ的高潛力開藥醫生存在50％以上的重合度。
ANI expects high single-digit to low double-digit accretion in adjusted non-GAAP EPS in 2025 and substantial accretion thereafter.
ANI預計在2025年調整後的非GAAP每股收益中將有高個位數到低雙位數的增長，此後有顯著的增長。
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.
此舉預計將在交易完成後提供額外的$3500萬到$3800萬的2025年調整後的非GAAP EBITDA，包括約$1000萬的已確認的成本協同效益，預計通過加速眼科內Cortrophin Gel實現的增長爲期望的EBITDA貢獻。
ANI anticipates 3.2x pro-forma leverage upon closing and significant organic de-levering in 2025.
ANI預計在交易完成後的槓桿率爲3.2倍，2025年有顯著的有機去槓桿。
Price Action: ALIM shares are up 76.5% at $5.56 at the last check on Monday.
週一檢查時，ALIM的股價上漲了76.5％，股價爲$5.56。
譯文內容由第三人軟體翻譯。