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Acquisition Adds Value to Patients and Healthcare Providers in Brain Health and Metabolic Health
COVINGTON, La., Feb. 27, 2013 /PRNewswire/ -- Pamlab, a specialty biomedical company taking a personalized nutritional approach with prescription medical foods for the brain health and metabolic health markets, today announced that it has signed an agreement to sell its business to Nestle Health Science for an undisclosed amount. Nestle Health Science aims to develop science-based nutritional solutions to deliver improved personalized healthcare for people with chronic medical conditions. This transaction is subject to regulatory approval.
Pamlab's innovative products, including Metanx®, CerefolinNAC®, and Deplin®, have helped address the nutritional management of metabolic issues associated with diabetic peripheral neuropathy, mild cognitive impairment, clinical depression respectively, and other diseases and conditions.
"We are excited to join forces with Nestle Health Science, and we share their commitment to personalized nutrition," said Eric Wingerter, Pamlab President and Chief Executive Officer. "With their support, we will accelerate the development and deployment of our innovative nutritional solutions for people with chronic metabolic and neurologic conditions. We are united by a common purpose, and a common culture, founded on our passion for patients to make a difference in people's lives."
"The acquisition of the Pamlab business is aligned with our strategic ambition to provide science-based nutritional solutions for people with chronic medical conditions. Pamlab will particularly strengthen our brain health platform and provide us an additional foothold in metabolic health in the U.S.," said Luis Cantarell, Nestle Health Science President and Chief Executive Officer. "By leveraging our nutrition heritage and U.S. operations with Pamlab's proven expertise in medical foods and strong sales force capabilities, together we can play a key role in helping to manage certain chronic diseases and improve the quality of patients' lives," he added.
Pamlab's capabilities strongly support Nestle Health Science's ambition of pioneering science-based nutritional solutions to deliver improved personalized healthcare for medical conditions. Pamlab's expertise in providing unique, science-based solutions to address distinct nutritional needs in a variety of disease states including diabetes, depression, and mild cognitive impairment/early memory loss will help accelerate Nestle Health Science's business ambitions in metabolic health and brain health. In addition, Nestle Health Science will be able to leverage Pamlab's strong sales force capabilities and reach to promote science-based personalized nutritional solutions in the U.S. This transaction will enable customers in the U.S. to benefit from an expanded range of products and services.
Pamlab was founded by Sam and Judy Camp in 1987 and is a fully integrated biomedical company that employs approximately 400 people. Pamlab specializes in medical foods that are used under the medical supervision of health care providers to meet the distinct nutritional requirements of patients with diabetic neuropathy, dementia, depression, high-risk pregnancy and other medical conditions. Pamlab is committed to improving lives through the development and commercialization of products that enable physicians to provide greater individualized patient care. Pamlab's products are marketed and sold in the U.S., helping patients with diabetic peripheral neuropathy, dementia, depression, high-risk pregnancy and other medical conditions. Pamlab's corporate offices are located in Covington, Louisiana. For more information about Pamlab, please visit www.pamlab.com.
About Nestle Health Science
Nestle Health Science, a wholly-owned subsidiary of Nestle, was formed in January 2011 to spearhead the development of science-based personalized nutritional solutions. Building on its core HealthCare Nutrition business, the company has ambitions to address chronic conditions in the area of Gastrointestinal Health, Metabolic Health and Brain Health. Nestle Health Science offers nutritional solutions for people with specific dietary needs related to illnesses, disease states or the special challenges of different life stages. Nestle Health Science employs around 3,000 people worldwide and has its headquarters in Lutry, Switzerland. For more information, visit www.nestlehealthscience.com.
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