Core Insights - ANI Pharmaceuticals has completed the acquisition of Alimera Sciences, which is expected to significantly enhance its Rare Disease segment and drive future growth [1][2] Financial Impact - The acquisition is projected to add approximately $105 million in revenue for 2024 on a pro forma basis, increasing the Rare Disease segment to about 45% of pro forma revenues [4] - The transaction is anticipated to generate high single-digit to low double-digit accretion in adjusted non-GAAP EPS in 2025, with substantial accretion expected thereafter [2][6] Product Expansion - ANI has added two durable commercial assets, ILUVIEN and YUTIQ, which are expected to leverage the company's existing Rare Disease infrastructure and have significant growth potential [4] - The acquisition expands ANI's footprint in ophthalmology, enhancing the sales force for Cortrophin Gel and increasing access to over 3,600 physicians [5] Cost Structure and Financial Flexibility - ANI's new capital structure is expected to reduce interest expenses by approximately $39 million annually, providing financial flexibility to support the integration of Alimera and invest in organic growth initiatives [3][11] - The company has entered into a new senior secured credit agreement to fund the acquisition, consisting of a $325 million delayed draw term loan facility and a $75 million revolving credit facility [11] Integration and Future Guidance - ANI has made substantial progress in integration planning and expects to generate synergies across Cortrophin Gel, ILUVIEN, and YUTIQ in the near term [7] - The company is maintaining its 2024 financial guidance based on continued momentum across Cortrophin Gel and Generics, with plans to provide combined company guidance by the third quarter earnings call [8]
ANI Pharmaceuticals, Inc. Completes Acquisition of Alimera Sciences