Nestle said on Monday it was offering $34.50 per share for the remaining 74.4% in peanut allergy treatment maker Aimmune Therapeutics it does not already own as it adds what it hopes will be a lucrative treatment to its portfolio, Trend reports with reference to Reuters.
The offer values the California-based biopharmaceutical company at $2.6 billion, including the $473 million that Nestle had already invested in Aimmune, Nestle said in a statement.
The price represents a 174% premium to Aimmune’s closing share price on August 28 of $12.60, said the food giant, which has been gearing its traditional portfolio towards health and wellness products.
Up to 240 million people worldwide suffer from food allergies, peanut allergy being the most common, Nestle said.
In January, Aimmune Therapeutics got approval from the U.S. Food and Drug Administration (FDA) for Palforzia, making it the first medication approved for food allergies in children and teens.
Nestle said the acquisition was expected to add to organic growth in 2021 and to cash earnings by 2022/23.