ANI Pharmaceuticals has made a recommended cash offer of SEK 11.25 per share for Egetis Therapeutics, valuing the Stockholm-listed rare disease company at about SEK 5.3bn including its convertible and warrants, the US group said on 5 November 2026.
Why ANI Pharmaceuticals, Inc. is buying Egetis Therapeutics AB (publ)
ANI, whose rare disease business is anchored by Purified Cortrophin Gel, said it had built a strong US rare disease platform. Egetis's board said ANI was well positioned to accelerate the US commercial launch of EMCITATE (tiratricol), approved by the FDA on 28 September 2026 as the first treatment for peripheral thyrotoxicosis in patients with MCT8 deficiency.
Deal terms and financing
The SEK 11.25 price is 12.6% above Egetis's SEK 9.99 close on 4 November, 27.0% above the 60-day and 48.0% above the 180-day volume-weighted average. ANI is also paying SEK 65.75m for the EUR 3m convertible and SEK 6.99 per warrant, and says it will not raise the price unless a competing offer emerges. Holders of about 42.2% of the shares, led by Frazier Life Sciences (16.65%) and Cidro Förvaltning (10.08%), have signed irrevocable undertakings. The offer has no financing condition and is funded by cash and JPMorgan debt. Egetis's board said the SEK 11.25 price was ANI's third and final bid in a competitive process that began with an unsolicited proposal from a third party.
Regulatory approvals and timing
Completion requires ANI to pass 90% ownership on a fully diluted basis, plus competition and foreign investment clearances, which ANI expects before the acceptance period ends. The acceptance period is expected to run from about 20 November to 18 December 2026, with settlement from about 29 December. ANI then intends to squeeze out minorities and delist Egetis from Nasdaq Stockholm.
Market context
On 4 November 2026 Egetis agreed to sell the rare pediatric disease priority review voucher it received with the FDA approval for US$190m; ANI said its offer fully reflects the voucher value attributable to Egetis.
