Shares of Alimera Sciences, Inc. (ALIM) surged over 75% on Monday morning after ANI Pharmaceuticals, Inc. (ANIP) agreed to buy Alimera for $5.50 per share in cash.
ALIM is currently trading at $5.55, up $2.40 or 76.08%, on the Nasdaq. The stock opened its trading at $5.55 after closing Friday at $3.15. The stock has traded between $2.60 and $5.65 in the past 52-week period.
The deal values Alimera at about $381 million and has been approved by both the ANI and Alimera Boards of Directors and is expected to close late in the third quarter of 2024.
Alimera's two commercial products treat diabetic macular edema (DME) and chronic non-infectious uveitis affecting the posterior segment (NIU-PS) of the eye. ILUVIEN is indicated for DME in the U.S., Europe and the Middle East as well as for NIU-PS in Europe and the Middle East. YUTIQ is available in the U.S. only and is indicated for the treatment of chronic NIU-PS.
Under the deal, ANI will acquire all of the outstanding shares of Alimera for $5.50 per share, which represents a 75% premium to Alimera's closing share price of $3.15 on June 21, 2024 and 82% premium to Alimera's 30-day volume weighted average price of $3.03. ANI will also repay $72.5 million of Alimera debt.
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