Nestle takes over US company Aimmune Therapeutics

Treatment of life-threatening food allergies

01-Sep-2020 - Switzerland

Nestle strengthens in the area of food allergies. The world's largest food manufacturer is taking over Aimmune Therapeutics, based in San Francisco and listed on the Nasdaq. The enterprise value of the transaction is stated in an announcement on Monday at 2.6 billion US dollars.

Aimmune Therapeutics is said to develop and market therapies for the treatment of life-threatening food allergies. The drug Palforzia is the first and only treatment for peanut allergy in children aged 4 to 17 years approved by the US authorities. The acquisition strengthens Nestle Health Science's (NHSc) food allergy portfolio and expands the range of solutions for children suffering from food allergies, the company said.

NHSc already holds a stake of $473 million in Aimmune, which corresponds to a share of just over a quarter. NHSc first acquired a stake of $145 million in November 2016 and increased its stake by $30 million in February 2018, $98 million in November 2018 and $200 million in January 2020.

Under the terms of the merger agreement, a Nestle subsidiary will make a tender offer to acquire all of Aimmune's common stock not already held by NHSc at $34.50 per share in cash. This represents an enterprise value of approximately $2.6 billion, including the shares already held by NHSc. The purchase price of $34.50 per share represents a premium of 174 percent over last Friday's closing price.

Nestle intends to finance the transaction from its liquid assets.

Subject to the satisfaction or waiver of customary closing conditions, the transaction is expected to close in the fourth quarter of 2020. The transaction is expected to be accretive to organic growth from 2021 onwards and to make a positive contribution to overall earnings from 2022/23 onwards./uh/ra/AWP/stk (dpa)

Note: This article has been translated using a computer system without human intervention. LUMITOS offers these automatic translations to present a wider range of current news. Since this article has been translated with automatic translation, it is possible that it contains errors in vocabulary, syntax or grammar. The original article in German can be found here.

https://www.yumda.com/en/news/1167769/nestle-takes-over-us-company-aimmune-therapeutics.html