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Nestle Buys Prometheus

Prometheus Laboratories Inc., a San Diego biotech business that did about $500 million in revenue last year and had plans to go public since 2007, said May 24 it entered into a definitive agreement to be acquired by Nestle Health Science SA, a wholly owned subsidiary of Nestle SA of Switzerland, for an undisclosed price.

According to a press announcement, Nestle Health Science, which became operational in January, is a developer of science-based nutritional solutions for improved personal health care for medical conditions.

Prometheus’ expertise and its research and development in gastrointestinal and oncology diagnostics will accelerate the research program established by Nestle Health Science, the company said.

Founded in 1995, Prometheus had nearly 500 employees at its Sorrento Valley office.

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— Mike Allen

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