ANI Pharmaceuticals Announces Proposed Public Offering of Common Stock

Strategic Insights -

ANI Pharmaceuticals, Inc. (NASDAQ: ANIP), a specialty pharmaceutical company, announced on November 3, 2021, that it intends to offer and sell shares of its common stock in an underwritten public offering. This move aims to fund its Cortrophin commercialization efforts, including sales and marketing expenses, as well as general corporate purposes. The company also plans to use a portion of the net proceeds to invest in additional businesses, technologies, or assets.

Key Takeaways:

  • ANI Pharmaceuticals will offer and sell shares of its common stock in an underwritten public offering, with all shares offered by the company.
  • The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
  • The company will grant the underwriters a 30-day option to purchase up to an additional 15% of shares of its common stock offered in the public offering.
  • Guggenheim Securities is acting as the book-running manager for the offering.
  • The net proceeds from the offering will be used to fund Cortrophin commercialization efforts, general corporate purposes, and potential investments in additional businesses.
  • ANI Pharmaceuticals anticipates using a portion of the net proceeds to in-license, acquire, or invest in additional businesses, technologies, products, or assets.

Statistics:

  • The shelf registration statement filed by ANI Pharmaceuticals on Form S-3 (File No. 333-239771) was initially filed on July 9, 2020, and declared effective by the SEC on July 17, 2020.
  • The company plans to offer shares of its common stock in an underwritten public offering, with an option to purchase up to 15% more shares through a 30-day underwriter's option.
  • Guggenheim Securities will act as the book-running manager for the offering.
  • A preliminary prospectus supplement and the accompanying prospectus will be filed with the SEC and available on its website at http://www.sec.gov.

Sources:

  • ANI Pharmaceuticals, Inc. - November 3, 2021 press release
  • Securities and Exchange Commission (SEC) - Form S-3 (File No. 333-239771)
  • ANI Pharmaceuticals, Inc. - Annual Report on Form 10-K for the year ended December 31, 2020
  • ANI Pharmaceuticals, Inc. - Quarterly Reports on Form 10-Q filed on May 7, 2021, August 6, 2021, and November 1, 2021