Ares Life Sciences aims to take full control of Stallergenes, having already bought Wendel's 46% stake in the firm

Having earlier this month bought investment firm Wendel’s 45.86% equity interest in Stallergenes (GENP: PA) for 59 euros a share, or a total of 358.8 million euros ($491.6 million), Ares Life Sciences says it now plans to acquire the remainder of the French biopharmaceutical company at the same price.

In compliance with the French Autorite des Marches Financiers (AMF) regulation, Ares will file with the AMF a mandatory tender offer for all the remaining outstanding shares of Stallergenes, at 59.00 per share in cash. Ares says it does not plan to effect a squeeze out or delisting of the company following this offer. At the time of the announcement, Stallergenes’ shares were trading at 60 euros, above the proposed offer price. The company has a market capitalization of 800.5 million euros ($1.08 billion).

Ares is a Geneva, Switzerland-based health care investment firm established by the Bertarelli family, which sold its biotechnology business Serono to Germany’s Merck KGaA for $13.5 billion in 2006. Its portfolio currently includes investments in Esaote, Euromedic, Santhera, Stallergenes and Broncus Technologies.