Ampersand-backed ANI Pharmaceuticals makes recommended offer for Egetis

ANI Pharmaceuticals, a Nasdaq-listed company, announced a recommended public offer to acquire Egetis Therapeutics AB for SEK 11.25 per share. The offer values Egetis at about SEK 5.6 billion, or $560 million, and an enterprise value of about $434 million after adjusting for the estimated proceeds of Egetis's sale of its Rare Pediatric Disease Priority Review Voucher.

Egetis's lead product, EMCITATE, was approved in the European Union in February 2025 and by the U.S. FDA in September 2026 as the first and only treatment for peripheral thyrotoxicosis in MCT8 deficiency. ANI said it expects peak sales above $300 million and patent and exclusivity protection into 2045. Egetis's board unanimously recommends the offer, and shareholders holding about 42% of shares have undertaken to accept it under certain conditions.

The offer requires acceptance from holders of at least 90% of Egetis shares and regulatory approvals, and is financed with cash on hand and new debt from JPMorgan Chase Bank. Jefferies and Ropes & Gray advised ANI, while Centerview Partners and Vinge advised Egetis. The acceptance period is expected to run from around November 20 to December 18, 2026.