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Swiss billionaire Bertarelli's Waypoint Capital to buy out Stallergenes Greer

Ares Life Sciences I Sarl — also known as Waypoint Capital, the investment vehicle backed by Swiss billionaire Ernesto Bertarelli — is buying out Stallergenes Greer PLC and taking it private.

Under the agreement, Waypoint will acquire the entire issued and to be issued ordinary shares of Stallergenes Greer not already held by Waypoint for €37 per share in cash, representing a 42.9% premium to Stallergenes' closing share price of €25.90 on March 20. The buyout is expected to take effect in May.

Waypoint held an 83.86% stake in Stallergenes as of April 13, 2018, according to S&P Global Market Intelligence data.

Following the deal, Stallergenes, a London-based biopharmaceutical company focused on allergy therapies, will be delisted from the regulated market of Euronext Paris. "[I]n light of Stallergenes Greer's limited public float, Waypoint has concluded that the benefits of having shares publicly listed are limited, and the costs of maintaining such listing are not justified for shareholders," Waypoint said.

Waypoint intends to finance the transaction through a new debt facility.

The transaction is subject to certain conditions, including approvals from Stallergenes shareholders and the High Court of Justice of England and Wales.

Evercore Partners International LLP serves as financial adviser to Stallergenes. UBS AG London Branch acts as financial adviser to Waypoint.