Anika Enters into Cooperation Agreement with Caligan Partners

Core Insights - Anika Therapeutics has appointed Joseph Capper and William Jellison to its Board of Directors as part of a cooperation agreement with Caligan Partners LP [1][4] - The company has authorized a new $40 million share repurchase program, with $15 million to be executed through a 10b5-1 plan by June 30, 2025, and the remainder in the open market by June 30, 2026 [2] Board Appointments - Joseph Capper, CEO of MIMEDX, and William Jellison, former CFO of Stryker, bring nearly 50 years of combined experience in MedTech to the Board [1][3] - Both new directors will serve on the Capital Allocation Committee, contributing to the company's strategy of sustainable profitability [3][4] Financial Performance - Anika expects to generate $25-$30 million in adjusted EBITDA for 2024, representing an increase of over 75% at the midpoint compared to 2023 [3] - The company has implemented cost reduction initiatives to enhance operational and financial performance [3] Share Repurchase Program - The new $40 million share repurchase program replaces the previous program announced in April 2023 [2] - The buyback will be subject to stock prices, economic conditions, and other considerations [2] Cooperation Agreement - Under the cooperation agreement, Caligan has agreed to support the Board's full slate of directors at the 2024 Annual Meeting [4] - The agreement includes customary standstill and voting commitments [4] Company Overview - Anika Therapeutics focuses on joint preservation and early intervention orthopedic care, leveraging expertise in hyaluronic acid and implant solutions [7] - The company aims to provide minimally invasive products for various orthopedic applications, including osteoarthritis pain management and sports medicine [7]