We advised ANI Pharmaceuticals on the offering

Davis Polk advised ANI Pharmaceuticals, Inc. on its Rule 144A offering of $316.25 million aggregate principal amount of its 2.25% convertible senior notes due 2029, which included $41.25 million aggregate principal amount of notes pursuant to the exercise in full of the initial purchasers’ option to purchase additional notes. We also advised the company on the related capped call transactions.

The convertible senior notes were issued on August 13, 2024. ANI Pharmaceuticals intends to use the proceeds from the offering to fund the cost of entering into the capped call transactions and, together with cash on hand, to repay all outstanding loans and terminate all other obligations under its existing senior secured credit agreement.

ANI Pharmaceuticals 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 Davis Polk capital markets team included partner Yasin Keshvargar and associates Meaghan Kennedy and Raphaelle Desaleux. The equity derivatives team included partner Mark M. Mendez, counsel Justin Michael and associates Alexander S. Pettingell, Ji Hwan Kim and Melissa X. Estrada. Partner Aliza Slansky provided tax advice. Partner David R. Bauer provided intellectual property advice. All members of the Davis Polk team are based in the New York office.

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