Shidlovski/iStock via Getty Images
Alimera Sciences (NASDAQ:ALIM) plummeted 25% in premarket trading after it said it filed a lawsuit against ANI Pharmaceuticals (ANIP) to compel the company to close its acquisition of Alimera.
Alimera’s (ALIM) lawsuit asks the court to require ANI to comply with its obligations to complete the transaction as contemplated by the merger agreement, according to a statement on Tuesday.
“Alimera has fulfilled all its requirements to close the Merger Agreement, yet ANI has failed to adhere to its obligation to close on time,” Alimera said in a statement on Tuesday. “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.”
A Nasdaq delisting notice last week indicated that the deal was tentatively scheduled to close on Monday after Alimera (ALIM) holders vote to approve the deal at a meeting on Sept. 4.
ANI Pharma (ANIP) didn’t immediately respond to Seeking Alpha email request for comment.
In late June, ANI said it will acquire Alimera (ALIM) for $5.50 per share in cash at closing. The deal, which values ALIM at $381 million in up front consideration, also includes a one non-tradable contingent value right representing the right to receive up to $0.50 per share upon the achievement of certain net revenue targets in 2026 and 2027.
