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Alimera Sciences Takes Legal Action Against ANI Pharmaceuticals to Enforce Merger Agreement

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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.

Alimera Sciences (Nasdaq: ALIM) ha intentato una causa contro ANI Pharmaceuticals (Nasdaq: ANIP) presso il Tribunale di Chancery del Delaware per far valere il contratto di fusione precedentemente annunciato. L'azione legale mira a costringere ANI a concludere la transazione di fusione e adempiere ai propri obblighi contrattuali. Gli azionisti di Alimera hanno approvato la fusione il 4 settembre, soddisfacendo l'ultimo requisito per la chiusura. L'azienda afferma di aver adempiuto a tutti i propri obblighi, ma ANI non ha concluso in tempo. Alimera crede che la fusione offra un valore interessante per gli azionisti ed è impegnata a portare a termine l'operazione. La causa richiede specificamente al Tribunale di obbligare ANI a rispettare i propri obblighi per finalizzare la fusione come previsto nell'Accordo e Piano di Fusione datato 21 giugno 2024.

Alimera Sciences (Nasdaq: ALIM) ha presentado una demanda contra ANI Pharmaceuticals (Nasdaq: ANIP) en el Tribunal de Cancillería de Delaware para hacer cumplir el acuerdo de fusión previamente anunciado. La acción legal tiene como objetivo forzar a ANI a cerrar la transacción de fusión y honrar sus obligaciones contractuales. Los accionistas de Alimera aprobaron la fusión el 4 de septiembre, cumpliendo así con el último requisito para el cierre. La empresa afirma que ha cumplido con todas sus obligaciones, pero ANI no ha cerrado a tiempo. Alimera cree que la fusión ofrece un valor atractivo para los accionistas y está comprometida a completar la transacción. La demanda solicita específicamente al Tribunal que exija a ANI cumplir con sus obligaciones para finalizar la fusión según lo estipulado en el Acuerdo y Plan de Fusión fechado el 21 de junio de 2024.

알리메라 사이언스(나스닥: ALIM)는 델라웨어 챈서리 법원에 ANI 제약(나스닥: ANIP)을 상대로 이전에 발표된 합병 계약을 집행하기 위해 소송을 제기했습니다. 이 법적 조치는 ANI에게 합병 거래를 완료하도록 강요하는 것을 목표로 하고 있으며, 계약상의 의무를 준수하도록 하고 있습니다. 알리메라의 주주들은 9월 4일 합병을 승인하여 마감에 대한 마지막 요구 사항을 충족했습니다. 이 회사는 모든 의무를 이행했다고 주장하지만 ANI는 제때 마감을 하지 않았습니다. 알리메라는 이 합병이 주주들에게 매력적인 가치를 제공한다고 믿으며 거래 완료에 전념하고 있습니다. 소송은 법원에 ANI가 2024년 6월 21일 자 합병 계약서에 명시된 대로 합병을 완료하도록 요구할 것을 요청하고 있습니다.

Alimera Sciences (Nasdaq: ALIM) a déposé une plainte contre ANI Pharmaceuticals (Nasdaq: ANIP) auprès du Delaware Court of Chancery pour faire respecter l'accord de fusion précédemment annoncé. L'action en justice vise à forcer ANI à finaliser la transaction de fusion et à honorer ses obligations contractuelles. Les actionnaires d'Alimera ont approuvé la fusion le 4 septembre, remplissant ainsi la dernière condition pour la clôture. L'entreprise déclare avoir rempli toutes ses obligations, mais ANI n'a pas finalisé à temps. Alimera est convaincue que la fusion offre une valeur intéressante pour les actionnaires et s'engage à finaliser la transaction. La plainte demande spécifiquement au tribunal d'exiger qu'ANI respecte ses obligations pour finaliser la fusion comme prévu dans l'Accord et le Plan de Fusion daté du 21 juin 2024.

Alimera Sciences (Nasdaq: ALIM) hat eine Klage gegen ANI Pharmaceuticals (Nasdaq: ANIP) beim Delaware Court of Chancery eingereicht, um den zuvor angekündigten Fusionsvertrag durchzusetzen. Die rechtlichen Schritte zielen darauf ab, ANI zu zwingen, die Fusionsvereinbarung abzuschließen und seine vertraglichen Verpflichtungen einzuhalten. Die Aktionäre von Alimera haben die Fusion am 4. September genehmigt und damit die letzte Voraussetzung für den Abschluss erfüllt. Das Unternehmen gibt an, dass es alle seine Verpflichtungen erfüllt hat, aber ANI nicht rechtzeitig abgeschlossen hat. Alimera ist der Ansicht, dass die Fusion einen überzeugenden Wert für die Aktionäre bietet und sich verpflichtet hat, die Transaktion abzuschließen. Die Klage fordert das Gericht konkret dazu auf, ANI zu verpflichten, seinen Verpflichtungen zur endgültigen Fusionsverwirklichung gemäß dem am 21. Juni 2024 datierten Vertrag nachzukommen.

Positive
  • Alimera shareholders approved the merger agreement, indicating strong support for the transaction
  • The merger potentially offers compelling value for Alimera shareholders
  • Alimera is taking proactive legal steps to enforce the merger agreement, demonstrating commitment to shareholder interests
Negative
  • ANI's failure to close the merger as agreed could lead to delays and uncertainty
  • Legal proceedings may result in additional costs and potential risks for Alimera
  • The merger's completion is now uncertain, which may impact Alimera's stock price and future plans

Insights

This lawsuit marks a significant escalation in the merger process between Alimera Sciences and ANI Pharmaceuticals. The filing in the Delaware Court of Chancery, known for its expertise in corporate law, indicates the seriousness of the situation. Alimera's claim that all closing conditions have been met, including shareholder approval, puts strong legal pressure on ANI. The court's decision will likely hinge on the specific terms of the Merger Agreement and whether ANI has legitimate grounds for delay. If Alimera prevails, the court could issue a specific performance order, compelling ANI to complete the merger. This legal action introduces uncertainty and potential delays, which could impact both companies' operations and stock prices in the short term.

The legal dispute over this merger raises red flags for investors. While Alimera claims the deal offers "compelling value" for shareholders, ANI's reluctance to close suggests potential concerns about valuation or undisclosed issues. This situation could lead to several outcomes: 1) A forced merger, potentially at unfavorable terms for ANI, 2) A renegotiation of the deal, possibly at a lower price, or 3) A termination of the agreement, likely with significant penalties. Each scenario carries financial implications. The uncertainty may cause stock price volatility for both companies. Additionally, legal costs and potential damages could impact financial performance. Investors should closely monitor court proceedings and any statements from ANI for insights into the merger's future and potential financial consequences.

This legal battle over the merger could have broader implications for the pharmaceutical industry. It highlights the complexities and risks associated with M&A activities in the sector. The outcome may set a precedent for future deals, potentially influencing how companies approach and structure merger agreements. If Alimera succeeds in forcing the deal through, it could embolden other companies in similar situations. Conversely, if ANI successfully defends its position, it might lead to more cautious approaches in future pharmaceutical mergers. The situation also underscores the importance of thorough due diligence and clear, enforceable contract terms. Investors and industry observers should watch for any ripple effects on pending or potential pharmaceutical mergers, as this case could influence market sentiment and deal-making strategies in the sector.

Alimera Has Filed Lawsuit in the Delaware Court of Chancery to Compel ANI to Close Merger Transaction and Honor its Contractual Obligations

Alimera Shareholders Approved Merger Agreement on September 4, Clearing Last Requirement for Closing

ATLANTA--(BUSINESS WIRE)-- Alimera Sciences, Inc. (Nasdaq: ALIM) (“Alimera”), a global pharmaceutical company whose mission is to be invaluable to patients, physicians and partners concerned with retinal health and maintaining better vision longer, today announced that it has filed a lawsuit in the Delaware Court of Chancery (the “Court”) to compel ANI Pharmaceuticals, Inc. (Nasdaq: ANIP) (“ANI”) to fulfill its contractual obligation to close the transaction contemplated by the companies’ previously announced Agreement and Plan of Merger dated June 21, 2024 (the “Merger Agreement”), following Alimera shareholders’ approval of the transaction on September 4, 2024.

Alimera issued the following statement:

“Alimera has fulfilled all its requirements to close the Merger Agreement, yet ANI has failed to adhere to its obligation to close on time. We believe the merger offers compelling value for our shareholders and remain focused on completing the transaction. Accordingly, we are committed to taking all actions necessary to ensure that happens. We are confident we will prevail in the Delaware Court of Chancery and look forward to consummating the merger of our companies.”

Specifically, Alimera’s lawsuit asks the Court to require ANI to comply with its obligations to complete the transaction as contemplated by the Merger Agreement.

About Alimera Sciences, Inc.

Alimera Sciences is a global pharmaceutical company whose mission is to be invaluable to patients, physicians and partners concerned with retinal health and maintaining better vision longer. For more information, please visit www.alimerasciences.com.

Forward-Looking Statements

This communication, and the documents to which Alimera refers you in this communication, contains not only historical information, but also forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent Alimera’s expectations or beliefs concerning future events, including the timing of the transaction and other information relating to the transaction. Forward-looking statements include information concerning possible or assumed future results of operations of Alimera, the expected completion and timing of the transaction and other information relating to the transaction. Without limiting the foregoing, the words “believes,” “anticipates,” “plans,” “expects,” “intends,” “forecasts,” “should,” “estimates,” “contemplate,” “future,” “goal,” “potential,” “predict,” “project,” “projection,” “may,” “will,” “could,” “should,” “would,” “assuming” and similar expressions are intended to identify forward-looking statements. You should read statements that contain these words carefully. They discuss Alimera’s future expectations or state other forward-looking information and may involve known and unknown risks over which Alimera has no control. Those risks include, (i) the risk that the transaction may not be completed at all, which may adversely affect Alimera’s business and the price of the common stock of Alimera, (ii) the outcome of the legal proceedings related to the merger agreement or the transaction, and (iii) risks related to diverting management’s attention from Alimera’s ongoing business operations. Forward-looking statements speak only as of the date of this communication or the date of any document incorporated by reference in this document. Further risks that could cause actual results to differ materially from those matters expressed in or implied by such forward-looking statements are described in Alimera’s SEC reports, including but not limited to the risks described in Alimera’s Annual Report on Form 10-K for its fiscal year ended December 31, 2023, as amended, and Alimera’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024 and June 30, 2024. Except as required by applicable law or regulation, Alimera does not undertake to update these forward-looking statements to reflect future events or circumstances.

Contact

Dan Zacchei / Ashley Areopagita

Longacre Square Partners

dzacchei@longacresquare.com / aareopagita@longacresquare.com

Source: Alimera Sciences, Inc.

FAQ

Why has Alimera Sciences (ALIM) filed a lawsuit against ANI Pharmaceuticals?

Alimera Sciences has filed a lawsuit to enforce the merger agreement and compel ANI Pharmaceuticals to close the merger transaction as contractually obligated. This action follows ANI's failure to close on time despite Alimera fulfilling all requirements.

When did Alimera Sciences (ALIM) shareholders approve the merger agreement?

Alimera Sciences shareholders approved the merger agreement on September 4, 2024, which was the last requirement for closing the transaction.

What is Alimera Sciences (ALIM) seeking in its lawsuit against ANI Pharmaceuticals?

Alimera is asking the Delaware Court of Chancery to require ANI Pharmaceuticals to comply with its obligations and complete the merger transaction as outlined in the Agreement and Plan of Merger dated June 21, 2024.

What is the significance of the merger for Alimera Sciences (ALIM) shareholders?

Alimera believes the merger offers compelling value for its shareholders. The company is committed to completing the transaction to potentially realize this value.

Alimera Sciences, Inc.

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