The transaction values Alimera at approximately $381m in upfront consideration. Credit: Red Vector via Shutterstock.

ANI Pharmaceuticals is broadening its reach into the rare disease space through an acquisition of Alimera Sciences. 

Alimera’s share price shot up by 77% in premarket trading today, following the announcement of the transaction, valued at $381m. The deal is expected to close in the third quarter (Q3) of 2024. 

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Minnesota, US-based ANI will inherit Iluvien 0.19mg (fluocinolone acetonide), a drug used to treat diabetic macular oedema in the US, Europe and Middle East, as well as recurrent non-infectious posterior uveitis (NIPU) in Europe and the Middle East.

Additionally, Yutiq – which has the same active ingredients as Iluvien at 0.18mg – is available in the US for the treatment of NIPU only.  

ANI’s CEO Nikhil Lalwani said that the Alimera purchase would add $105m in pro forma 2024 revenues. The company also expects high single-digit to low double-digit accretion in adjusted earnings per share in 2025 and substantial growth thereafter. ANI intends to finance the transaction using a combination of cash on hand and debt financing. It has obtained $280m of committed financing from J.P. Morgan and Blackstone Credit & Insurance. 

In June 2019, the UK National Institutes of Health and Care Excellence (NICE) recommended Iluvien for patients with NIPU. Administered as an intravitreal implant injected into the eye, Iluvien uses continuous monitoring technology, which releases the drug into the eye over 36 months. 

Alimera acquired the US commercialisation rights for Yutiq from EyePoint Pharmaceuticals in May 2023. Alimera had exclusive global rights to Yutiq excluding South East Asia, Hong Kong, Macau, China and South Korea, where the therapy was previously licensed to Ocumension Therapeutics. EyePoint received $75m on the closure of the deal, with an additional $7.5m of quarterly instalments paid in 2024. 

Iluvien and Yutiq are forecasted to generate $310m globally by 2030, as per GlobalData analyst consensus forecasts. 

GlobalData is the parent company of Pharmaceutical Technology. 

ANI announced a 29% year-on-year increase in total revenues that reached $137.4m in Q1 2024, as per the company’s financials. The company’s revenue from Cortrophin Gel, a medication used to treat certain inflammatory conditions and allergic ocular diseases, also jumped by 126% to $36.9m. 

“Late last year, we identified ophthalmology as a key strategic therapeutic area for the Company and, in the first quarter of 2024, expanded our Rare Disease team to promote Purified Cortrophin Gel (Cortrophin Gel) to ophthalmologists,” added Lalwani in the 24 June announcement.