Nestle agrees to $2B deal for peanut allergy treatment maker Aimmune Therapeutics

Nestle will pay a 174% premium

Swiss multinational Nestle S.A. has agreed to pay $2 billion for full ownership of peanut allergy treatment maker Aimmune Therapeutics Inc.

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Nestle will pay Aimmune shareholders $34.50 per share, a 174% premium to Friday’s closing price. In return, Nestle will receive the remaining 74.4% of Aimmune that it did not already own.

TickerSecurityLastChangeChange %
AIMTAIMMUNE THERAPEUTICS34.31-0.01-0.03%

Nestle first invested in Aimmune in November 2016 and had been slowly increasing its stake over the past four years.

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

The acquisition will allow Nestle to continue to build out its health science unit that was created in 2011. The Brisbane, Calif.-based Aimmune’s Palforzia recently became the first Food and Drug Administration-approved treatment to help reduce the frequency and severity of allergic reactions to peanuts.

More than 240 million people around the world suffer from food allergies, with peanut allergy being the most common.

The acquisition, which is expected to be accretive to Nestle’s organic growth in 2021 and its cash earnings by 2022/2023, is anticipated to close in the fourth quarter of this year.

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Aimmune Therapeutics shares were down 62% this year through Friday after finishing 2019 at $33.47 apiece.