Minnesota-based ANI Pharmaceuticals announced this week that it has signed a definitive agreement to acquire Alimera Sciences, in a deal valued at approximately $381 million. Under the terms of the merger agreement, which has been approved by the boards of both companies, ANI will acquire all outstanding shares of Alimera for $5.50 per share and will also repay $72.5 million of Alimera debt.

Nikhil Lalwani, president and CEO of ANI Pharmaceuticals, emphasized that the deal will help ANI expand its rare disease business and enhance the company’s ophthalmology portfolio by adding two Alimera commercial products, Iluvien (fluocinolone acetonide intravitreal implant 0.19 mg), which targets diabetic macular edema, and Yutiq (fluocinolone acetonide intravitreal implant 0.18 mg), for the treatment of chronic noninfectious uveitis. The merger will also extend ANI’s geographic reach by adding Alimera’s established sales and distribution operations in Europe.

“We believe this is a transformational acquisition for ANI,” said Lalwani in a press release. “Alimera represents what we believe is a highly synergistic complement to … our existing rare disease infrastructure.”

Rick Eiswirth, president and CEO of Alimera, commented, “ANI and Alimera share a common mission of putting patients first, and this complementary transaction creates a bigger platform to leverage our global infrastructure and outstanding team.”