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PARIS (Reuters) – French health group Stallergenes has agreed to buy 730 million euros (834 million euros) from Swiss billionaire Ernesto Bertarelli 's vehicle by waypoint / Ares Life Sciences.
This acquisition marks the latest example of merger and acquisition activity in the global healthcare industry. Pfizer acquires a stake in the French gene therapy company Vivet this week, while Roche bought Spark Therapeutics earlier this year for $ 4.3 billion.
Waypoint, which already holds approximately 83% of Stallergenes' capital, will offer 37 euros in cash, which represents a premium of 42.9% on the closing price of Stallergenes on 25th March at 25.90 euros.
"Waypoint continues to recognize and value Stallergenes Greer as a leader in the development and commercialization of allergy immunotherapy (AIT) therapies," Waypoint said in a statement.
"However, in light of Stallergenes Greer's limited float, Waypoint has concluded that the benefits of listing equities are limited and that the costs of maintaining this listing are not justified for shareholders," adds the text.
The name Bertarelli is closely badociated with the global biotechnology company Serono, which was sold to the German Merck in 2007, while Ernesto Bertarelli is also known in the world of yachting thanks to its participation in the America's Cup .
Investment bank UBS advised Waypoint on the transaction, while Evercore advised Stallergenes.
Report by Sudip Kar-Gupta; Edited by Christopher Cushing
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