A few months ago, we were talking about the refusal of Stallergenes’ minority shareholders to merge with Greer laboratories, another competitor within the field of allergy treatment. Finally, Stallergenes shareholders accepted, and both companies are going to create the world leader in allergy immunotherapy.
After the sale of Serono to Merck back in 2007, the magnate Ernesto Bertarelli started its own investment companies and is still at the front of the scene with its last billion-fund Gurnet Point Capital run by Chris Viehbacher. Today, it’s the turn of Ares Life Sciences, the first of Bertarelli’s investment companies to make the cover page. Through Ares Allergy Holdings PLC, the investment company holds 77% of the French company Stallergenes and 100% of the American Company Greer Laboratories. In a nutshell, Ares Allergy Holdings just bagged two leaders in the Allergy field.
A few months ago, Ares tried to merge Stallergenes with Greer Laboratories. And as we explained, with this proposition Ares found a strong opposition amongst minority shareholders that saw the investment group as the only beneficiary of the fusion. As a conclusion, Stallergenes decided to reschedule the Annual General Meeting of Shareholders which was suppose to take place on the 22nd May to the 26th of June 2015.
June 26th is now behind us and a decision has been taken. The majority shareholder put a first offer on the table, which the minority shareholders declined. The offer went as follows one of Stallergene’s shares for one of Ares Allergy Sciences share, in other words, this ment that Stallergenes’ entire value was worth 1,5 of Greer Laboratories’ value. Both parties, however, eventually met halfway as shareholders all agreed to merge and create Ares Allergy Sciences. Following completion of the transaction, Stallergenes’ and Greer’s activities will be held by Ares Allergy Holdings PLC. In fact, the new Group should be listed on the regulated Euronext market in September 2015.
As Patrick Langlois, Chairman of Stallergenes’ Board of Directors, declared “Shareholders give the green light for the creation of a new group, the world leader in allergy immunotherapy”. The companies already succeeded in their collaboration with the launch of Oralair, the first sublingual immunotherapy tablet, and there is no doubt that both companies will bring each other knowledge and business opportunities. Stallergenes ranks 2nd in allergy treatment and will bring knowledge and market access, whereas Greer will open to Stallergenes the Animal Health market, thus enlarge its portfolio.