Nestlé (VTX:NESN) announced today that it entered into a definitive agreement to acquire food allergy treatment developer Aimmune Therapeutics (NSDQ:AIMT).
Under the agreement, Nestlé Health Science (NHSc) would acquire Aimmune with a cash offer for $34.50 per share, totaling approximately $2.6 billion. The per-share price for Aimmune represents a 174% premium to the company’s closing share price of $12.60 on Aug. 28. Currently, shares of AIMT are trading up 171.6% at $34.22 per share. Nestlé plans to finance the transaction with cash on hand, according to a news release, with the acquisition set to close in the fourth quarter of 2020.
Currently, NHSc has a total investment in Aimmune of $473 million, totaling an approximate 25.6% equity ownership stake. NHSc made its initial investment ($145 million) in the company in November 2016, then invested $30 million in February 2018, $98 million in November 2018 and $200 million in January 2020.