Nestle Health Science, a global business unit of Nestle S.A. (SWX: NESN), has announced a takeover of California-based Aimmune Therapeutics, Inc. (NASDAQ: AIMT) valued at $2.6 billion.

Aimmune Therapeutics is a biopharmaceutical company developing and commercializing oral treatments for potentially life-threatening food allergies. Nestle Health Science previously had a total investment in Aimmune of $473 million, an approximate 25.6% equity ownership stake, and will pay $34.50 per share in cash for the remainder, or a 174% premium to Aimmune’s closing share price on August 28 of $12.60. Aimmune reported a trailing 12-month revenue of $575,000.

Nestle Health Science is acquiring Aimmune Therapeutics through its wholly-owned subsidiary, Societe des Produits Nestle S.A., to bolster its food allergy portfolio, creating a broader spectrum of solutions for children living with food allergies. Nestle Health Science will gain Aimmune’s Palforzia, the first and only FDA-approved treatment to help reduce the frequency and severity of allergic reaction to peanuts, including anaphylaxis, in children aged four through 17.

The timing of the deal is worth highlighting. In Aimmune Therapeutics’ first-quarter earnings report this year, it was announced that the commercial launch of Palforzia was delayed due to COVID-19. The company stated that because each first dose must be administered in a healthcare setting, shelter in place orders made it difficult for patients to access the prescription drug.

Nestle and its business units typically invest in consumer and nutritional healthcare companies, but according to Deal Search Online, the company has made previous investments in the life sciences sectors. Back in January 2020, Nestle purchased two prescription medicines from Allergan (NYSE: AGN), Zenpep and Viokace, for roughly $14.4 million.