Nestlé Health Science to acquire biopharmaceutical company Aimmune Therapeutics

USA – Aimmune Therapeutics Inc., a biopharmaceutical company developing and commercializing treatments for potentially life-threatening food allergies, has announced that it has entered into a definitive agreement for Sociétés des Produits Nestlé, S.A. to acquire all outstanding shares of Aimmune common stock that are not already owned by Nestlé Health Science (NHSc) for US$34.50 per share, including the shares of Aimmune held by NHSc, in an all-cash transaction.

Sociétés des Produits Nestlé, S.A. is a part of Nestlé Health Science (NHSc) and a wholly owned subsidiary of Nestlé S.A.

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The agreement was unanimously approved by all the independent members of the Board of Directors of Aimmune.

However, Greg Behar, CEO of Nestlé Health Sciences and an Aimmune Director, abstained due to his position with Nestlé Health Science.

“The agreement with Nestlé recognizes the value created by years of commitment and dedication to our mission by the team at Aimmune. Delivering Palforzia, the world’s first treatment for food allergy, is a game-changing proposition in the biopharmaceutical industry and is transformative for the lives of millions of people living with potentially life-threatening peanut allergy,” said Jayson Dallas, MD, President and Chief Executive Officer of Aimmune.

“This acquisition provides strong value for our shareholders and ensures a level of support for Palforzia and our pipeline that will further enhance their potential for patients around the world living with food allergies.”

He added that Aimmune appreciated the continued strong collaboration with Nestlé Health Science dating back to 2016 through their support as a shareholder and board member, as well as through their consumer/nutrition strength and experience.

“Their extensive capabilities and global reach, as well as their alignment with their vision of pioneering treatments and solutions for food allergies, are a strong fit for our company,” he stated.

The transaction is expected to close in the fourth quarter of 2020, pending the satisfaction of all conditions to the completion of the tender offer. Until that time, Aimmune will continue to operate as a separate and independent company.

“This transaction brings together Nestlé’s nutritional science leadership with one of the most innovative companies in food allergy treatment,” said Nestlé Health Science CEO Greg Behar.

“Together, we will be able to create a world leader in food allergy prevention and treatment and offer a wide range of solutions that can transform the lives of people around the world living with food allergies.”

The deal marks the latest in a series of acquisitions by Nestlé Health Science including IM HealthScience and Vital Proteins, a producer of collagen-based beverages, food products and supplements.

Nestlé Health Science currently has a total investment in Aimmune of US$473 million, an approximate 25.6% equity ownership stake. Around 19.6% is voting common stock and the balance non-voting preferred stock.

NHSc made its initial investment of US$145 million in Aimmune in November 2016, followed by further investments of US$30 million in February 2018, US$98 million in November 2018 and US$200 million in January 2020.

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