Nestlé Health Science, a subsidiary of Switzerland-based chocolate company Nestlé launched at the start of the year, will buy specialty pharmaceutical and diagnostic company Prometheus Laboratories for an undisclosed amount.
Luis Cantarell, executive president of Nestlé Health Science, said: "This is a strategic move into gastrointestinal diagnostics. Prometheus’s leading edge diagnostics technology and outstanding sales force will help us to develop an integrated approach to personalized healthcare.
"It is fully consistent with our vision of pioneering science-based nutritional solutions to deliver improved personalized healthcare for medical conditions."
Prometheus was founded in 1995 and owned by DLJ Merchant Banking Partners (part of bank Credit Suisse), SPVC (managed by Split Rock Partners), Sprout Group (sub-advised by New Leaf Venture Partners), Apax Partners, Pamlico Capital and Brentwood Venture Capital. Investment bank Goldman Sachs advised Prometheus with legal counsel from Latham & Watkins. Goldman Sachs and Credit Suisse had been advising Prometheus’ planned flotation announced in March.