ANI Pharmaceuticals, Inc. has completed its acquisition of Alimera Sciences, Inc., which is expected to strengthen its rare disease segment as the largest driver of future growth. The acquisition is projected to add approximately $105 million in 2024 revenue on a pro forma basis, expanding the rare disease segment to about 45% of pro forma 2024 revenues. It has also expanded ANI's footprint beyond the U.S. to 20 countries in Europe and beyond.
The acquisition adds two durable commercial assets, Iluvien and Yutiq, with significant growth potential, and is expected to drive high single-digit to low double-digit accretion in adjusted non-GAAP EPS in 2025, and to be substantially accretive thereafter.
ANI's new capital structure is expected to reduce interest expense by approximately $39 million on an annualized basis compared to the estimated interest expense that would have been incurred under the previous debt capital structure.
ANI Pharmaceuticals is also maintaining its 2024 financial guidance for the standalone company based on continued momentum across purified cortrophin gel and generics.
The company estimates that there is over 50% overlap between high potential prescribers of cortrophin gel, Iluvien, and Yutiq. ANI continues to expect high single-digit to low double-digit accretion in 2025 adjusted non-GAAP EPS with substantial accretion thereafter.
ANI Pharmaceuticals has made substantial progress on integration planning and expects the combined ophthalmology commercial team to begin generating synergies across cortrophin gel, Iluvien, and Yutiq in the near term.
ANI recently completed an offering of $316.25 million aggregate principal amount of 2.25% convertible senior notes due September 1, 2029, and 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 company drew the full $325 million term loan from a new senior secured credit agreement and expects these capital structure changes to reduce interest expense by approximately $39 million on an annualized basis.
ANI Pharmaceuticals, Inc. is a diversified biopharmaceutical company focused on delivering sustainable growth by scaling up its rare disease business through its lead asset purified cortrophin gel, strengthening its generics business with enhanced research and development capabilities, delivering innovation in established brands, and leveraging its U.S. based manufacturing footprint. Following these announcements, the company's shares moved -3.8%, and are now trading at a price of $56.29. Check out the company's full 8-K submission here.
