ANI Pharma completes Alimera acquisition; expects high single-digit to low double-digit EPS accretion in 2025

ANI PHARMACEUTICALS INC

Acquired Alimera for $5.50/share plus CVR up to $0.50/share based on 2026-27 net revenue targets; repaid $72.5M Alimera debt.
Alimera adds ~$105M in pro forma 2024 revenue; Rare Disease segment to become ~45% of pro forma revenues.
New capital: $316.25M 2.25% convertible notes due 2029; new $325M term loan; interest expense reduced ~$39M annually.
Expects high single-digit to low double-digit accretion in 2025 adjusted non-GAAP EPS; substantially accretive thereafter; $35-38M adj. EBITDA.
Cortrophin Gel record new patient starts in Aug; ophthalmology team >3,600 physicians; 14 generic products launched YTD; maintains standalone 2024 guidance.

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