Alimera Sciences soars nearly 80% on ANI Pharma buyout

ANI Pharmaceuticals

24/06/2024 17:40

** Shares of eye drug developer Alimera Sciences  ALIM.O 
soar as much as 79.3% to $5.65 on Mon after buyout offer by ANI
Pharmaceuticals  ANIP.O 
    ** ALIM hits highest since Oct 2022. Shares last up 76.2% at
$5.55, up ~28% YTD 
    ** Transaction values Alimera at $381 mln in up front
consideration and has been approved by both boards of directors,
firms announced early Mon
    ** ANI's purchase price of $5.50/sh represents 75% premium
to ALIM close of $3.15 on Fri
    ** ANI to repay $72.5 mln of Alimera debt
    ** Deal includes one non-tradable contingent value right
representing right to receive up to 50 cents/sh upon achievement
of certain net revenue targets in 2026 and 2027
    ** Merger expected to close late Q3 2024
    ** ANIP on Mon up 4.8% at $61.33. Stock now up ~11% in 2024,
giving it current market cap of ~$1.3 bln

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))