🔺 What to do when markets are at an all-time high? Find smart bargains, like these.See Undervalued Stocks

Alimera Sciences completes merger with ANI Pharmaceuticals

Published 09/16/2024, 04:33 PM
ALIM
-

Alpharetta-based Alimera (NASDAQ:ALIM) Sciences Inc. (NASDAQ:ALIM) has finalized its merger with ANI Pharmaceuticals (NASDAQ:ANIP), Inc., as announced in a recent SEC filing. The pharmaceutical preparations company has become a wholly owned indirect subsidiary of ANI Pharmaceuticals, marking a significant change in control.


The merger agreement, which was first established on June 21, 2024, culminated today with the completion of the merger, resulting in the cessation of Alimera Sciences as an independent entity. Following the merger, all shares of Alimera Sciences common stock were converted into the right to receive $5.50 in cash per share and one contingent value right (CVR), which could yield additional cash payments depending on future revenue milestones.


In line with the merger's terms, Alimera Sciences' 2010 Employee Stock Purchase Plan was terminated. Additionally, all outstanding indebtedness under various agreements with SLR Investment Corp. and other lenders was repaid and the related agreements were terminated.


As a direct consequence of the merger, trading of Alimera Sciences common stock on The Nasdaq Global Market has been suspended. The company has requested the delisting and deregistration of its shares from the SEC and plans to file a Form 15 to terminate its reporting obligations under the Exchange Act.


The merger also prompted changes to Alimera Sciences' board of directors and executive officers. The directors of ANI Pharmaceuticals' Merger Subsidiary have replaced Alimera Sciences' existing board members, and the officers of Alimera Sciences prior to the merger have become officers of the surviving corporation.


The CVR Agreement established as part of the merger could lead to additional payouts if specific revenue targets for ILUVIEN® and YUTIQ® are met in fiscal years 2026 and 2027. The CVRs entitle holders to cash payments upon the achievement of these milestones, with certain rights to audit and enforcement outlined in the agreement.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.