The No. 1 consumer goods company Nestlé will acquire Aimmune Therapeutics, a biopharmaceutical company developing and commercializing treatments for food allergies, in a deal valued at $2.6 billion.
Aimmune's Palforzia is an FDA-approved treatment to help reduce the frequency and severity of allergic reaction to peanuts, including anaphylaxis, in children aged 4-17. The acquisition is an extension of the Nestlé Health Science’s food allergy portfolio.
"This transaction brings together Nestlé's nutritional science leadership with one of the most innovative companies in food allergy treatment," said Greg Behar Nestlé Health Science CEO. "Together we will be able to offer a wide range of solutions that can transform the lives of people suffering from food allergies around the world."
Nestle, which created its Nestle Health Science business in 2011, currently has a total investment in Aimmune of $473 million, an approximate 25.6% equity ownership stake. It first invested $145 million in the company in November 2016, making subsequent investments of $30 million in February 2018, $98 million in November 2018, and $200 million in January 2020.
Under the terms of the agreement, Nestlé S.A.'s wholly owned subsidiary, Société des Produits Nestlé S.A. (SPN), will commence a cash tender offer to acquire all outstanding shares of Aimmune common stock that are not already owned by Nestlé Health Science for $34.50 per share in cash. This represents a total enterprise value, including the shares of Aimmune held by Nestlé Health Science, of around $2.6 billion.
Upon completion of the deal, expected to close in Q4, a wholly owned subsidiary of SPN will merge with Aimmune, with Aimmune as the surviving corporation.