ANI Pharmaceuticals to Further Expand Rare Disease Business through Acquisition of Alimera Sciences Conference call scheduled for today at 8:30 a.m. ET Strengthens Rare Disease segment as largest dr

ANI Pharmaceuticals to Further Expand Rare Disease

through Acquisition of Alimera Sciences

Conference call scheduled for today at 8:30

Princeton, NJ and Atlanta, GA, June 24, 2024 (GLOBE NEWSWIRE)

-- ANI Pharmaceuticals, Inc. (Nasdaq: ANIP) ("ANI" or the "Company") and Alimera Sciences, Inc. (Nasdaq:

ALIM) ("Alimera") today announced they have signed a definitive agreement pursuant to which ANI will acquire Alimera for $5.50

per share in cash at closing and one non-tradable contingent value right (CVR) representing the right to receive up to $0.50 per share

upon the achievement of certain net revenue targets in 2026 and 2027. The transaction, which values Alimera at approximately $381 million

in up front consideration, has been approved by both the ANI and Alimera Boards of Directors and is expected to close late in the third

quarter of 2024, as further described below.

Alimera is a global pharmaceutical company whose mission is to be

invaluable to patients, physicians and partners concerned with maintaining better vision longer. Alimera's two commercial

products treat diabetic macular edema (DME) and chronic non-infectious uveitis affecting the posterior segment (NIU-PS) of the eye.

ILUVIEN (fluocinolone acetonide intravitreal implant 0.19mg) is indicated for DME in the U.S., Europe and the Middle East as well as

for NIU-PS in Europe and the Middle East. YUTIQ (fluocinolone acetonide intravitreal implant 0.18mg) is available in the U.S. only

and is indicated for the treatment of chronic NIU-PS.

Nikhil Lalwani, President and CEO of ANI, stated, "We believe

this is a transformational acquisition for ANI, and one that aligns with our strategy to expand our Rare Disease business and deliver

on our purpose of Serving Patients, Improving Lives'. Late last year, we identified ophthalmology as a key strategic

therapeutic area for the Company and, in the first quarter of 2024, expanded our Rare Disease team to promote Purified Cortrophin

Gel (Cortrophin Gel) to ophthalmologists. Alimera represents what we believe is a highly synergistic complement to this newly established

specialty and will leverage our existing Rare Disease infrastructure. We believe ANI's proven commercial execution capabilities

can further unlock ILUVIEN and YUTIQ, two growing and durable assets that would add approximately $105 million in pro forma 2024 revenues

to our Company. The transaction is expected to drive substantial shareholder value creation through high single-digit to low double-digit

accretion in adjusted Non-GAAP EPS in 2025 and a substantial increase in accretion thereafter.'"

Rick Eiswirth, President and CEO of Alimera, commented, "We are

pleased to have reached this agreement with ANI, which we believe recognizes the value we have created at Alimera and creates compelling

value for our shareholders. 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. I would like to thank Alimera employees, past and present,

for always finding a way to help patients maintain better vision longer. We look forward to working with ANI to complete this transaction

and help grow its presence in the ophthalmology segment."

Transaction Rationale

Terms of the Transaction & Financing

Under the terms of the merger agreement, ANI will acquire all of the

outstanding shares of Alimera for $5.50 per share, which represents a 75% premium to Alimera's closing share price of $3.15 on June 21,

2024 and 82% premium to Alimera's 30-day volume weighted average price of $3.03. ANI will also repay $72.5 million of Alimera debt.

Alimera investors will also be entitled to a CVR for up to $0.50 per

share, based on achieving net revenue in excess of specified thresholds in 2026 and 2027:

The transaction is not subject to a financing condition. ANI

intends to finance the transaction using a combination of cash on hand and debt financing. ANI has obtained $280M of committed

financing from J.P. Morgan and Blackstone Credit & Insurance.

The transaction has been approved by the Boards of Directors of both

companies. The transaction is expected to close late in the third quarter of 2024, subject to customary closing conditions, including

receipt of required regulatory approvals and approval by Alimera's shareholders.

Guggenheim Securities, LLC is acting as lead financial advisor to ANI

and Raymond James & Associates, Inc. is also acting as financial advisor. Hughes Hubbard & Reed LLP is acting as

legal advisor to ANI. Centerview Partners LLC is acting as lead financial advisor to Alimera, with Perella Weinberg Partners also acting

as a financial advisor to Alimera. DLA Piper is acting as legal advisor to Alimera.

The Company's management will host a conference call today to

discuss this transaction.

This conference call will also be webcast and can be accessed

from the "Investors" section of ANI's website at www.anipharmaceuticals.com. The

webcast replay of the call will be available at the same site approximately one hour after the end of the call. A replay of the

conference call will also be available within two hours of the call's completion and will remain accessible for two weeks by

dialing 877-856-8965 and entering access code 4630647.

About ANI Pharmaceuticals, Inc.

ANI Pharmaceuticals, Inc. (Nasdaq: ANIP) is a diversified biopharmaceutical

company serving patients in need by developing, manufacturing, and marketing high-quality branded and generic prescription pharmaceutical

products, including for diseases with high unmet medical need. The Company is focused on delivering sustainable growth by scaling up its

Rare Disease business through its lead asset Purified Cortrophin Gel, strengthening its Generics business with enhanced research

and development capabilities, delivering innovation in Established Brands, and leveraging its U.S. based manufacturing footprint. For

more information, visit our website www.anipharmaceuticals.com.

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.

ANI Forward-Looking Statements

This press release 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 the Company's and Alimera's expectations or beliefs concerning future events,

including the timing of the transaction and other information relating to the proposed transactions including statements regarding

the benefits of proposed transaction and the anticipated timing of the Proposed Transactions. These forward-looking statements

generally are identified by the words "believe," "project," "expect," "anticipate,"

"estimate," "intend," "continue," "strategy," "future,"

"opportunity," "plan," "may," "should," "will," "shall,"

"would" other words of similar meaning, derivations of such words and the use of future dates. Forward-looking

statements are predictions, projections and other statements about future events that are based on current expectations and

assumptions and, as a result, are subject to risks and uncertainties.

The following factors, among others, could cause actual results

to differ materially from those described in these forward-looking statements: (i) the risk that the proposed transaction may

not be completed in a timely manner or at all, (ii) the failure to satisfy the conditions to the consummation of the proposed

transaction, (iii) the occurrence of any event, change or other circumstance that could give rise to the delay or termination

of the proposed transaction, (iv) the inability to complete the proposed transaction due to the failure of a party or parties

to satisfy conditions to completion of the proposed transaction, including the receipt on a timely basis or at all of any required

regulatory clearances and receipt by Alimera of stockholder approval, (v) the failure of the contemplated debt financing or any

alternative financing to be obtained on a timely basis or at all, (vi) the effect of the announcement or pendency of the

proposed transaction on the Company's and/or Alimera's business relationships, operating results, and business

generally, (vii) risks that the proposed transaction may disrupt current plans and operations of the Company and/or Alimera and

potential difficulties of Alimera in retaining employees as a result of the proposed transaction, (viii) the outcome of any

legal proceedings that may be instituted in connection with the proposed transaction, (ix) volatility in the price of the

Company's and/or Alimera's stock, including as a result of the proposed transaction, (x) changes in competitive and

regulated industries in which the Company operates, variations in operating performance across competitors, changes in laws and

regulations affecting the Company's business and changes in the combined capital structure, (xi) the ability to implement

business plans, forecasts, and other expectations after the completion of the proposed transaction, and identify and realize

additional opportunities and, in particular, failure to achieve anticipated synergies, (xii) costs and regulatory requirements

relating to contract manufacturing arrangements, (xiii) delays or failure in obtaining product approvals from the FDA,

(xiv) general business and economic conditions, (xv) market trends for the Company's and/or Alimera's

products, including but not limited to, ILUVIEN, YUTIQ and Cortrophin Gel, and the ability to achieve anticipated sales for

such products, (xvi) regulatory environment and changes, (xvii) regulatory and other approvals relating to product