Welcome to our dedicated page for ANI Pharmaceuticals news (Ticker: ANIP), a resource for investors and traders seeking the latest updates and insights on ANI Pharmaceuticals stock.
ANI Pharmaceuticals, Inc. (Nasdaq: ANIP) is a US-based integrated specialty pharmaceutical company dedicated to developing, manufacturing, and marketing high-quality branded and generic prescription pharmaceuticals. The company's expertise lies in targeting niche and high-barrier markets such as controlled substances, anti-cancer treatments (oncolytics), hormones and steroids, and complex formulations. ANI operates two state-of-the-art manufacturing facilities in Baudette, Minnesota, capable of producing oral solid dose products, liquids, topicals, controlled substances, and other potent products in fully-contained environments.
In recent developments, ANI Pharmaceuticals has achieved significant milestones, including the FDA approval of the Abbreviated New Drug Application (ANDA) for Indomethacin Oral Suspension, USP, and the launch of Pentoxifylline Extended-Release Tablets. These initiatives highlight ANI's commitment to expanding access to high-quality generics for limited competition products.
The company's flagship product, Purified Cortrophin® Gel, drives its Rare Disease segment, which has shown remarkable growth. In the first quarter of 2024, ANI reported record net revenues of $137.4 million, marking a 28.7% year-over-year increase. The Rare Disease segment alone delivered Q1 net revenues of $36.9 million, a 126.2% year-over-year growth. ANI's generics business also continues to strengthen with multiple product launches, including Baclofen Oral Suspension and Kionex® (Sodium Polystyrene Sulfonate Suspension USP) for oral or rectal use.
Financially, ANI Pharmaceuticals is on a robust growth trajectory, with 2024 guidance projecting net revenues between $520 million and $542 million and adjusted non-GAAP EBITDA between $135 million and $145 million. The company’s success is underpinned by its strategic focus on innovation, enhanced R&D capabilities, and leveraging its North American manufacturing footprint to meet market demands.
ANI Pharmaceuticals remains dedicated to its mission of
ANI Pharmaceuticals (Nasdaq: ANIP) has provided an update on the status of its previously announced acquisition of Alimera Sciences (Nasdaq: ALIM). The company acknowledges Alimera's press release and states that it continues to work in good faith toward closing the acquisition. ANI attributes any delay to ongoing discussions regarding closing conditions, which it expects to resolve promptly. The update suggests that the acquisition process is still active, but certain details are being finalized before the transaction can be completed.
Alimera Sciences (Nasdaq: ALIM) has filed a lawsuit against ANI Pharmaceuticals (Nasdaq: ANIP) in the Delaware Court of Chancery to enforce the previously announced merger agreement. The legal action aims to compel ANI to close the merger transaction and honor its contractual obligations. Alimera shareholders approved the merger on September 4, fulfilling the last requirement for closing. The company states that it has met all its obligations, but ANI has failed to close on time. Alimera believes the merger offers compelling value for shareholders and is committed to completing the transaction. The lawsuit specifically requests the Court to require ANI to comply with its obligations to finalize the merger as outlined in the Agreement and Plan of Merger dated June 21, 2024.
ANI Pharmaceuticals has successfully closed its offering of $316.25 million in 2.25% convertible senior notes due 2029. The offering, initially set at $250 million, was upsized to $275 million with an additional $41.25 million exercised by initial purchasers. Net proceeds are approximately $306.8 million. ANI plans to use $40.6 million for capped call transactions and the remainder to repay its existing senior secured term loan facility. The company also entered a new senior secured credit agreement with a $325 million delayed draw term loan facility and a $75 million revolving facility. The capped call transactions are expected to reduce potential dilution and offset potential cash payments upon note conversion.
ANI Pharmaceuticals (ANIP) has priced an upsized offering of $275 million in 2.25% convertible senior notes due 2029. The notes will be convertible into cash and potentially shares of ANI's common stock at an initial conversion rate of 13.4929 shares per $1,000 principal amount, representing a conversion price of approximately $74.11 per share. This represents a 30% premium over the last reported sale price of $57.01 per share.
The company expects net proceeds of about $266.8 million, which will be used to fund capped call transactions and repay existing debt. ANI also plans to enter a new $325 million delayed draw term loan facility and a $75 million revolving facility. The offering is expected to settle on August 13, 2024, subject to customary closing conditions.
ANI Pharmaceuticals (Nasdaq: ANIP) has announced its intention to offer $250 million in convertible senior notes due 2029, with an option for an additional $37.5 million. The notes will be offered privately to qualified institutional buyers under Rule 144A. Key features include:
- Semi-annual interest payments
- Maturity on September 1, 2029
- Convertible under certain conditions
- Redeemable by ANI after September 1, 2027
- Repurchasable by noteholders in case of a 'fundamental change'
ANI plans to use the proceeds to repay its existing senior secured term loan and enter into capped call transactions. The company also intends to establish a new $325 million delayed draw term loan facility and a $75 million revolving facility.
ANI Pharmaceuticals reported Q2 2024 net revenues of $138 million, a YoY growth of 18.4%. Rare Disease revenues hit a record $49.2 million, up 102.4% YoY. Adjusted non-GAAP EBITDA was $33.2 million, and adjusted non-GAAP EPS was $1.02. However, they posted a net loss of $(2.7) million and a GAAP loss per share of $(0.14). The company plans to close the acquisition of Alimera Sciences in Q3 2024.
ANI raised its 2024 guidance, projecting net revenues between $540 million and $560 million, adjusted non-GAAP EBITDA of $140 million to $150 million, and adjusted non-GAAP EPS of $4.38 to $4.82. This guidance includes revenue from Cortrophin Gel, expected to be $185 million to $195 million, a YoY growth of 65% to 74%.
ANI Pharmaceuticals (NASDAQ: ANIP) has announced its plans to release second quarter 2024 financial results on Tuesday, August 6, 2024, before the market opens. The company will host a conference call at 8:30 a.m. ET on the same day to discuss the results. Nikhil Lalwani, President and CEO, and Stephen P. Carey, SVP of Finance and CFO, will lead the call.
Investors and interested parties can access the call toll-free at 800-245-3047 using the Conference ID 4619279. A live webcast and replay will be available on the company's website under the 'Investors' section. For those unable to attend, a replay will be accessible for two weeks by dialing 800-753-5212 with the same access code.
ANI Pharmaceuticals (Nasdaq: ANIP) has announced the FDA approval and launch of L-Glutamine Oral Powder, the first AA-rated generic version of Endari®. This approval showcases the company's strong R&D capabilities and execution. The product aims to provide patients and healthcare providers with access to high-quality therapeutics.
Key points:
- L-Glutamine Oral Powder is an Abbreviated New Drug Application (ANDA)
- U.S. annual sales for the product are approximately $20.1 million (based on May 2024 IQVIA data)
- The launch demonstrates ANI's commitment to expanding its product portfolio and addressing market needs
ANI Pharmaceuticals has announced the FDA approval and launch of Naproxen Delayed-Release Tablets, USP, which is a generic version of EC-Naprosyn®. This product received first-cycle approval, allowing ANI to quickly commercialize it.
The U.S. market for Naproxen Delayed-Release Tablets is valued at approximately $36.7 million annually, based on April 2024 IQVIA data. Nikhil Lalwani, President and CEO of ANI, emphasized the company's commitment to growth through effective new product launches.
ANI Pharmaceuticals announced that its CEO, Nikhil Lalwani, has won the EY Entrepreneur Of The Year 2024 New Jersey Award. The award, given by Ernst & Young LLP, recognizes outstanding entrepreneurial vision, leadership, and impact on patients and growth. Lalwani, CEO since September 2020, has increased the company's Enterprise Value by 2.8 times. This award makes Lalwani eligible for the National and World Entrepreneur Of The Year Awards. The program highlights leaders who have significantly transformed their organizations.
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