Why Is Alimera Sciences (ALIM) Stock Up 77% Today?

ALIM Stock - Why Is Alimera Sciences (ALIM) Stock Up 77% Today?

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Alimera Sciences (NASDAQ:ALIM) stock is rocketing higher on Monday after the pharmaceutical company announced an acquisition deal with ANI Pharmaceuticals (NASDAQ:ANIP).

This agreement will have ANI Pharmaceuticals paying $5.50 per share for ALIM stock. It also includes contingent rights of 50 cents per share. These are payable if certain revenue goals are met in 2026 and 2027.

Investors in Alimera will note that this offer is a 75% premium to ALIM stock’s prior closing price. It’s also an 82% premium over its 30-day volume weighted average price.

The deal values Alimera Sciences at $381 million. It will also see ANI Pharmaceuticals pay off the company’s debt of $72.5 million. The company is using cash on hand and extra financing to fund this acquisition.

Timing of the ALIM Stock Deal

Alimera Sciences and ANI Pharmaceuticals are expecting the deal to close in the third quarter of 2024. It already has the support of both companies’ boards. Now, the deal just needs approval from regulators and shareholders.

ALIM stock is up 76.6% as of Monday morning. This comes with more than 5.8 million shares changing hands. That’s well above its daily average trading volume of about 97,000 shares.

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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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