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Name | Symbol | Market | Type |
---|---|---|---|
Nestle SA (PK) | USOTC:NSRGY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-1.00 | -0.98% | 100.61 | 100.60 | 100.63 | 101.42 | 100.15 | 101.09 | 335,918 | 18:18:40 |
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."
Write to Olivia Bugault at olivia.bugault@wsj.com
(END) Dow Jones Newswires
August 31, 2020 02:01 ET (06:01 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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