Nestle plans to grow medicinal foods business
Posted: September 29th, 2010 - 7:12am
Source: Courier Mail
SWISS food and drinks giant Nestle SA says it plans to invest hundreds of millions of dollars to expand its medicinal nutrition business over the next decade.
Nestle says it is creating a specialised institute in Switzerland and a subsidiary called Nestle Health Science SA "to pioneer a new industry between food and pharma''.
The Vevey-based company hopes to develop new foods to treat conditions such as diabetes, obesity, cardiovascular disease and Alzheimer's.
Nestle said that the new subsidiary will start operation January 1, 2011, and be run "at arm's length'' from its main food and beverages business.
The new Institute of Health Sciences will be run by Emmanuel Baetge, former chief scientific officer of San Diego-based biotech company ViaCyte.