Anika Therapeutics Enters Cooperation Agreement With Caligan Partners

Anika Therapeutics Inc. has forged a cooperation agreement with Caligan Partners LP and added two new members to its Board of Directors: MIMEDX CEO Joseph Capper and former Stryker Corp. Chief Financial Officer (CFO) William Jellison. 

Capper and Jellison have nearly 50 years of combined experience building value and driving transformative growth at medtech companies, and both will serve on the board’s Capital Allocation Committee.

“We are satisfied to have reached this resolution with Anika,” Caligan Managing Partner David Johnson said. “Joe and Bill each bring unique perspectives from their decades of successful medtech experience that will be additive to the board’s ongoing commitment to maximize shareholder value.”

Capper and Jellison will join the board as Class II and I directors, respectively. The board will temporarily expand to 10 directors until the retirement of current Director Jeffery Thompson is effective at the 2024 annual stockholders meeting. After the meeting, the board will comprise nine directors, eight of whom are independent. Under the terms of the cooperation agreement, Caligan will support the board’s full slate of directors.

“Following a comprehensive review of the business, Anika’s management team, with the enthusiastic support of the board, has committed Anika to a strategy of sustainable profitability,” Anika Board Chair John B. Henneman III stated. “We are committed to further enhancing operational and financial performance and are focused on optimizing Anika to maximize value for all stockholders. We expect that Joe and Bill will be important voices in the room, bringing their years of experience and expertise to bear to help ensure the Company meets and exceeds expectations. We are pleased to have worked constructively with Caligan to reach this outcome.”

Capper has nearly 30 years of experience in medtech and life sciences leadership roles and a track record of substantial value creation. He currently is CEO and a director of MIMEDX, a leader in placental biologics. Capper was previously CEO of BioTelemetry, guiding the company through a significant turn-around that culminated in its acquisition by Royal Philips. Before that, Capper was president and CEO of both Home Diagnostics and CCS Medical, and spent a decade with Bayer AG in several leadership roles.  Capper served with distinction in the U.S. Navy as a naval aviator. He earned a bachelor of science degree in accounting from West Chester University and an MBA from George Washington University.
 
Jellison is a veteran medtech executive and corporate finance expert. He most recently served as CFO at Stryker, where he supervised all areas of international finance. Before that, Jellison spent 15 years at Dentsply International in several leadership positions, including CFO. He began his career with Donnelly Corporation, holding multiple financial management and executive roles, including vice president of Finance, treasurer and corporate controller. He is currently a senior advisor for Astor Place Holdings and consults with various private equity and investment management firms in the medtech industry. Jellison also serves as a director of both Avient Corporation and Young Innovations. He earned a bachelor’s degree in business administration from Hope College.

In addition to the new appointments, Anika’s board authorized a $40 million share repurchase program, $15 million of which will be effected through a 10b5-1 plan to be completed by June 30, 2025, and the remainder of which will be purchased in the open market through June 30, 2026, subject to prevailing stock prices, general economic and market conditions, and other considerations. This new buyback authorization replaces the company’s share repurchase program announced last spring.
 
“We are pleased to welcome Joe and Bill to our Board at this important time for Anika. Over the last several months, we have implemented cost reduction initiatives to further reduce spending and focus our strategy on our core strengths. We are beginning to see the results of these efforts and remain on track to generate $25-$30 million in adjusted EBITDA for 2024, up over 75% at the midpoint from 2023,” Anika President/CEO Cheryl R. Blanchard, Ph.D., stated. “In addition, Anika’s strong balance sheet allows us to continue to return capital to stockholders under the terms of the announced program. We believe Joe and Bill will bring important perspectives to our ongoing work to deliver solutions to our customers and their patients and drive shareholder value. Both new directors bring years of industry experience and have overseen successful transformations that drove significant value, and we are confident they will be immediately additive.”

Anika Therapeutics Inc. is a global joint preservation company that creates and delivers advancements in early intervention orthopedic care. Leveraging its core expertise in hyaluronic acid and implant solutions, the company partners with clinicians to provide minimally invasive products that restore active living for patients. Its focus is on high opportunity spaces within orthopedics, including osteoarthritis pain management, regenerative solutions, sports medicine, and arthrosurface joint solutions, and its products are delivered in key sites of care, including ambulatory surgery centers. Anika’s global operations are headquartered outside of Boston. 

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