M&A · Healthcare · Pharmaceutical Preparations
ANI Pharmaceuticals Inc to acquire Alimera Sciences Inc
Announced Jun 24, 2024 · Closed Sep 16, 2024
Deal value$381MEV $343M
Premium75.0%To unaffected price
EV / Adj. EBITDA28.0x3.8x EV / Revenue
ConsiderationAll cash$5.50 per share
Transaction
- Acquirer
- ANI Pharmaceuticals Inc (ANIP)
- Target
- Alimera Sciences Inc (ALIM)
- Buyer type
- Strategic
- Offer price per share
- $5.50
- Enterprise value
- $343M
- Status
- Closed Sep 16, 2024
Deal protections
- Break fee (target pays)
- $10.4M · 2.7%
- Reverse fee (buyer pays)
- —
- Go-shop
- —
- Financing
- Committed · JPMorgan
Advisors
- To the acquirer
- Guggenheim, Raymond James
- To the target
- Centerview, Perella Weinberg
- Centerview fee
- $11.0M
Sector context · Healthcare
- Comparable deals
- 108 in the prior 24 months
- Premium
- 75.0% vs. 63.0% sector median
- EV / Adj. EBITDA
- 28.0x vs. 17.1x sector median
- Break fee
- 2.7% vs. 3.5% sector median
Timeline
- AnnouncedJun 24, 2024
- Proxy filedJul 24, 2024
- Definitive proxyAug 8, 2024
- Shareholder voteSep 4, 2024
- ClosedSep 16, 2024
Valuation · fairness opinions
Trading comparables$1.55$3.40
Precedent transactions$3.95$6.25
Discounted cash flow$4.15$4.95
Analyst price targets$6.00$10.00
Precedent transactions$4.10$5.35
Offer $5.50
Implied value per Alimera Sciences Inc share by analysis, from Centerview · DCF discount rate 11.5%–14%.