By Olivia Bugault
Nestle SA said Monday that it has entered into a definitive agreement for the acquisition of U.S.-based biopharmaceutical company Aimmune Therapeutics Inc. by its subsidiary Nestle Health Science, or NHSc.
Nestle will launch a cash tender offer for the acquisition of all Aimmune's outstanding shares not already owned by Nestle Health Science for a price of $34.50 per share, the Swiss food and beverage giant said. Including the roughly 25.6% equity stake that NHSc already owns in Aimmune, it represents a total enterprise value of $2.6 billion, Nestle said.
"The $34.50 per share acquisition price represents a 174% premium to Aimmune's closing share price on Aug. 28, 2020 of $12.60," it said.
The deal--which is expected to close in the fourth quarter of this year and financed by cash on hand--will be accretive to Nestle's organic growth in 2021 and add to cash earnings by 2022/2023, Nestle said.
"Aimmune's Palforzia is the first and only FDA-approved treatment to help reduce the frequency and severity of allergic reaction to peanuts, including anaphylaxis, in children aged 4 through 17," Nestle said, adding that "the acquisition is an extension of NHSc's food allergy portfolio, creating a broader spectrum of solutions for children living with food allergies."
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