Nestle Acquires Aimmune For $34.50 Per Share In Cash Or $2.6B

Aimmune Therapeutics (AIMT) announced that it has entered into a definitive agreement for Societes des Produits Nestle to acquire Aimmune for $34.50 per share in an all-cash transaction, implying a fully-diluted equity value of $2.6B. Societes des Produits Nestle, is a part of Nestle Health Science and a wholly owned subsidiary of Nestle S.A. (NSRGY).

Aimmune closed Friday up 61c to $12.60. The agreement was unanimously approved by all of the independent members of the board of Aimmune. Greg Behar, CEO of Nestle Health Sciences and an Aimmune Director, abstained due to his position with Nestle Health Science. The transaction is expected to close in Q4 of 2020, pending the satisfaction of all conditions to the completion of the tender offer. Under the terms of the merger agreement, Nestle will commence a cash tender offer to acquire all outstanding shares of Aimmune common stock that are not already owned for $34.50 per share in cash.

"This transaction brings together Nestle's nutritional science leadership with one of the most innovative companies in food allergy treatment," said Nestle Health Science CEO Greg Behar. "Together we will be able to offer a wide range of solutions that can transform the lives of people suffering from food allergies around the world."

Nestle Health Science currently has a total investment in Aimmune of $473M, an approximate 25.6% equity ownership stake. The acquisition is expected to be accretive to Nestle's organic growth in 2021 and accretive to cash earnings by 2022/23.