ALIM News & Events

Option delistings effective September 24th include Alimera Sciences Inc (ALIM), ASSETMARK FINANCIAL HOLDINGS INC. (AMK), Asensus Surgical, Inc. (ASXC), Bowflex Inc. (BFXXQ), FUTURE TECH ETF (BTEK), Conversion Industries (CVII), Ebix, Inc. (EBIXQ), Grindrod Shipping Holdings Ltd (GRIN), AMPLIFY INFLATION FIGHTER ETF (IWIN), MORPHIC HOLDINGS INC (MORF), Rite Aid Corporation (RADCQ), Silk Road Medical Inc (SILK), Taro Pharmaceutical Industries Ltd. (TARO), and TWOUQ Stock (TWOUQ).

ANI Pharmaceuticals (ANIP) announced the completion of its previously announced acquisition of Alimera Sciences (ALIM). ANI continues to expect high single-digit to low double-digit accretion in 2025 adjusted non-GAAP EPS with substantial accretion thereafter. The transaction is anticipated to deliver an additional $35 - $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. ANI is maintaining its 2024 guidance for the standalone Company based on continued momentum across Cortrophin Gel and Generics and plans to provide 2024 guidance for the combined Company by no later than the Company's third quarter earnings call. Under the terms of the merger agreement, ANI acquired all of the outstanding shares of Alimera for $5.50 per share. The Company also repaid $72.5 million of Alimera debt. Alimera investors received one non-tradable contingent value right representing the right to receive up to $0.50 per share upon the achievement of certain net revenue targets in 2026 and 2027. ANI recently completed an offering of $316.25 million aggregate principal amount of 2.25% convertible senior notes due September 1, 2029. The Company utilized a majority of the net proceeds as well as cash from its balance sheet to repay in full its existing senior secured term loan facility. The initial conversion price of the convertible notes is $74.11 per share. Concurrent with the convertible offering, the Company used $40.6 million of the net proceeds to enter into capped call transactions. The cap price of the capped call transactions is initially $114.02 per share, which represents a premium of 100% over the last reported sale price of the Company's common stock on August 7, 2024. The capped call transactions are expected generally to reduce the potential dilution to ANI's common stock upon any conversion of the notes up to the cap price of $114.02. To fund the acquisition of Alimera, ANI entered into a new senior secured credit agreement consisting of a $325 million delayed draw term loan facility and $75 million revolving credit facility. On September 16, 2024 the Company drew the full $325 million term loan; the $75 million revolving credit facility remains un-drawn. The Company expects these capital structure changes to reduce interest expense by approximately $39 million on an annualized basis as compared to estimated interest expense that would have been incurred if the new principal amount of debt was subject to rates that would have applied under the previous debt capital structure.

ANI Pharmaceuticals (ANIP) announced that the company has initiated closing logistics for the previously announced acquisition of Alimera Sciences (ALIM). The company expects closing of the acquisition of Alimera Sciences to be consummated and announced on September 16, pending satisfaction or waiver of any remaining customary closing conditions.