ADMA Biologics Inc. (ADMA) and bankers at Morgan Stanley have an extra set of eyes on the company’s ongoing strategic review as Caligan Partners LP joined the ranks of shareholders.

Though New York-based Caligan, a 5.6% stakeholder, does not intend to nominate directors at the 2022 annual meeting, the investor is keeping a close eye on the results of the review, a source said.

Caligan on Feb. 4 disclosed its position in ADMA Biologics after the company launched a review in October. In January, ADMA said that in addition to the ongoing review, it continues to engage prospective lenders to potentially refinance and expand its debt facility.

ADMA could be worth more than $4.50 per share upon being fully financed from nondilutive capital and upon achieving plasma self-sufficiency from its internal collection network, the source added.

Shares of ADMA, which develops, manufactures and markets plasma-derived biologics for treating immunodeficient patients, were trading at $1.66 on Feb. 9.

The Ramsey, N.J.-based company has a market capitalization of $324 million and trades on the Nasdaq.

To be sure, for the 12 months ended Sept. 30, ADMA had revenue of $68.52 million and negative Ebitda of $57.19 million, according to FactSet Research Systems Inc. In January, it reported preliminary revenue for 2021 of about $81 million, up 92% from 2020.

The investment firm is supportive of the ADMA management team and board’s “commitment to evaluate strategic and financing alternatives,” Caligan managing partner David Johnson told The Deal in emailed comments, adding that ADMA’s assets “are extremely difficult to replicate and the public markets are not appropriately valuing those assets today.”

The company in December 2020 adopted a stockholder rights plan that expired Dec. 15. Then on Dec. 20, it adopted a rights plan that will expire on June 15.

In 2019, Caligan entered a settlement pact with Amag Pharmaceuticals Inc. in a deal that added two director nominees including Johnson from the activist investor’s original four-director slate to its board. Amag sold to Covis Pharma Holdings Sarl for about $647 million including debt in 2020.

An ADMA representative did not immediately return a request for comment on Caligan’s stake.

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