ZURICH – Nestle has agreed to buy U.S. medical foods company Pamlab, the latest in a string of recent acquisitions as the world's biggest food group expands in health and nutrition.
Nestle Health Science, which was set up in 2011 as the Swiss-based firm seeks to profit from growing demand for medical foods from an ageing population, said it was not disclosing terms of the deal, which is subject to regulatory approval.
Pamlab, which was founded in 1987 and employs over 300 staff, makes medical foods for patients with conditions including diabetic peripheral neuropathy, dementia, depression and high-risk pregnancy.
"Pamlab will particularly strengthen our brain health platform and provide us an additional foothold in metabolic health in the U.S.," Luis Cantarell, head of Nestle Health Science, said in a statement.
Last year, Nestle bought a stake in U.S. firm Accera, which makes a medical food brand for Alzheimer's patients.
It has also acquired U.S. firm Prometheus Laboratories, which makes tests and drugs for inflammatory bowel diseases, and UK-based CM&D Pharma Ltd, which makes a chewing gum for kidney patients.
(Reporting by Emma Thomasson; Editing by David Cowell)