ANI Pharmaceuticals is taking a significant step in expanding its rare diseases business by acquiring Alimera Sciences for $381 million. Alimera focuses on treating vision issues with its two commercial products, Iluvien and Yutiq, which target diabetic macular edema and chronic non-infectious uveitis, respectively. These drugs are expected to contribute $105 million to ANI’s revenue in 2024.
CEO of ANI Pharmaceuticals, Nikhil Lalwani, stated that the acquisition of Alimera aligns with the company’s strategic focus on ophthalmology as a key therapeutic area. ANI’s rare disease unit was established in January 2022 with the launch of sales for cortrophin gel, which treats inflammation from autoimmune conditions.
The acquisition deal includes a payment of $5.50 per share for Alimera, with a potential future cost of $0.50 per share based on revenue targets in 2026 and 2027. Alimera’s CEO, Rick Eiswirth, sees the acquisition as recognizing the value of the company and creating compelling value for shareholders.
In 2023, ANI Pharmaceuticals reported sales of $486.8 million, with rare disease pharmaceuticals contributing $112.1 million, accounting for 23% of the company’s overall revenue. With 642 employees as of January, ANI’s acquisition of Alimera, which has around 160 employees, is expected to enhance its global infrastructure and team.