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Nestle Health Science Buying Prometheus Laboratories

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Prometheus Laboratories today announced an agreement to be acquired by newly formed Nestle Health Science for an undisclosed amount.

Formed in January, Nestle Health Science is a wholly owned subsidiary of Nestle and is focused on developing science-based nutritional solutions for personalized medicine. According to Luis Cantarell, president and CEO of NHS, the deal is a "strategic move into gastrointestinal diagnostics."

Joseph Limber, president and CEO of Prometheus, added that as a result of the transaction, his firm will "accelerate the development of our innovative diagnostics platforms for gastroenterology and oncology and potentially into additional important therapeutic areas."

In addition to gastroenterology and oncology, Prometheus' research pipeline will include areas of interest to NHS, such as metabolic conditions and brain health.

Based in San Diego, Prometheus was founded in 1995 and develops and commercializes pharmaceutical and diagnostic products. The firm recently received approval from the New York State Department of Health to sell its Crohn's Prognostic test, which combines six serologic markers and three genetic mutation markers and provides doctors with a personalized serologic profile for patients.

Prometheus will leverage NHS' offerings and geographical reach to expand its diagnostic and pharmaceutical business model to include nutrition, Limber said.

Goldman Sachs is Prometheus' financial advisor on the deal. Latham & Watkins is providing legal advice to Prometheus.