BioSante and speciality pharmaceuticals and contract manufacturing firm ANI Pharmaceuticals are merging in a stock-based merger that will combine the former’s cash, anticipated future licensing revenues, and products in development, with ANI’s niche branded and generic pharmaceutical products and contract manufacturing operations. ANI generated net sales of $16 million in 2011.

Under terms of the proposed deal, and as the surviving firm of the two, BioSante will issue ANI shareholders with BioSante stock that will give the ANI stakeholders a 53% ownership in the combined firm’s outstanding shares. BioSante stockholders will own the remaining 47%, and prior to merger completion are expected to be given contingent value rights (CVRs) relating to a future sale, transfer, license, or other transaction involving BioSante’s LibiGel® female testosterone gel, which is undergoing pivotal safety and efficacy trials as a treatment for sexual desire and satisfaction in women with hypoactive sexual desire disorder (HSDD). The merged entity will retain the ANI Pharmaceuticals name, and operate under ANI’s management team.

“We have evaluated a wide range of strategic alternatives for our company and products, including several merger opportunities,” states Stephen M. Simes, president and CEO at BioSante. “We found the ANI opportunity to be particularly compelling for our stockholders since it will combine two potentially valuable portfolios of products in development and add a sales and marketing presence, while preserving for our current stockholders the right to realize potential future value from LibiGel in the form of CVRs of up to $40 million.”

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