Nestle said it will acquire Prometheus Laboratories, a San Diego-based specialty pharmaceutical and diagnostics company that develops treatments for gastrointestinal diseases and cancer.
Nestle buying San Diego diagnostics firm
Terms of the deal were not disclosed.
The move will bolster the Vevey, Switzerland-based food giant's move into healthcare as it seeks to develop personalized “nutrition strategies that will help in the management and prevention of chronic health conditions,” the company said in a news release.
Estimated sales for Prometheus in 2012 are expected to reach $250 million.
Nestle said Prometheus' 500 approximately employees will join Nestle Health Science, the Lutry, Switzerland-based unit that Nestle established in January. Nestle's infant and nutrition products are part of the new health-science unit's portfolio.
Luis Cantarell, president and CEO of Nestle Health Science, said in a statement that the acquisition of Prometheus “is a strategic move into gastrointestinal diagnostics” and it will accelerate the company's “current and future healthcare business.”
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