Nestle pays $98M for increased stake in food allergy drugmaker Aimmune

Nestle's health science arm will pay $98 million to increase  its stake in Aimmune Therapeutics, which is preparing to submit an FDA filing for its peanut allergy treatment, Reuters reports.

The deal, which brings Nestle's total investment to $273 million, raises Nestle's stake in the drug developer to about 19 percent from 14.5 percent. The two companies also extended their two-year pact to develop therapies for food allergies by two years.

In the U.S. there is no approved treatment for peanut allergies, so drugmakers see a huge opportunity in the market.

Read the full report here.

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