Ares Life Sciences, a Switzerland-based healthcare-focused investment group, has signed a definitive agreement to acquire the complete share capital of Planet Biopharmaceuticals.
The agreement also includes the acquisition of Planet Biopharmaceuticals' wholly owned subsidiary Antigen Laboratories, a producer of allergen extracts that works with the ENT specialist community in the US.
Recently, Ares signed an agreement to acquire Greer Laboratories, a leader in US allergy immunotherapy (AIT) market.
The acquisition of Antigen is part of Ares' strategic focus on the US AIT market. The company also holds majority stake in France-based Stallergenes, a leader in immunotherapy treatments by sublingual administration.
Ares believes there is growth potential in the AIT business globally, which currently represents 10% of the European market. This market is expected to grow significantly over the next few years, particularly in the US.
Ares Life Sciences CEO Jacques Theurillat said that Antigen has comprehensive offering of allergenic extracts in the US and has a long track record of serving the needs for the ENT specialists.
"We view the acquisition of Antigen as very complementary to our other investments in the allergy market," Theurillat said.
Planet Biopharmaceuticals executive CEO Theron E. Odlaug said that they are looking forward to becoming a member of the Ares portfolio of life science companies.
The transaction will be closed after meeting certain closing conditions.
