Alimera Sciences, Inc. (ALIM), a biopharmaceutical company, announced on Tuesday that it has filed a lawsuit in the Delaware Court of Chancery against ANI Pharmaceuticals, Inc. (ANIP) to enforce closure of the previously agreed merger transaction and to honor contractual obligations.
Alimera noted that its shareholders approved the merger agreement on September 4, clearing the last requirement for the closure of the deal.
Further, the drug maker, said: "Alimera has fulfilled all its requirements to close the Merger Agreement, yet ANI has failed to adhere to its obligation to close on time. Accordingly, we are committed to taking all actions necessary to ensure that happens. We are confident we will prevail in the Delaware Court of Chancery and look forward to consummating the merger of our companies."
On June 24, Alimera announced a deal to be acquired by ANI for around $381 million.
The deal includes an upfront payment of $5.50 per share in cash upon closing, as well as a contingent value right that can yield shareholders up to $0.50 per share based on specific net revenue targets in 2026 and 2027.
ALIM was trading down by 18.92 percent at $4.50 percent on the Nasdaq.
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