Blog Tag: Ulf Mark Schneider
Nestlé Continues Medical Industry Expansion
Nestlé Health Science S.A. recently announced that it will acquire Manchester, England-based Phagenesis Ltd. in a staged acquisition.
Nestlé Health Science S.A., a subsidiary of Nestlé S.A., is the owner of more than a dozen nutritional supplement brands. It has previously invested in several businesses that develop solutions for nutrition- and digestion-related disorders and diseases.
Phagenesis is the developer of the Phagenyx®, a device designed for the treatment of dysphagia, the inability to safely swallow. Phagenesis explains that the device aims to restore neurological control of swallowing lost due to stroke by delivering Pharyngeal Electrical Stimulation (PES). According to Phagenesis, electrical stimulation of the pharynx induces a new part of the brain to assume control of such lost swallowing function.
The Phagenyx® product includes a treatment catheter and a base station. The catheter carries two electrodes, which deliver the PES, and is designed to be introduced through the nose. The catheter can optionally accommodate a feeding tube. The catheter is connected to the base station, which controls the amount of stimulation delivered and stores the patient’s treatment information. Phagenyx® is currently undergoing clinical evaluation. While the device received its CE mark in 2012, it has yet to be approved for use in the US by the FDA.
According to its press release, Nestlé Health Science’s acquisition of Phagenesis will start with an upfront payment followed by milestone-based payments contingent upon successful completion of Phagenyx’s® European and US development programs.
The acquisition was announced on the same day former Fresenius Medical Care CEO Ulf Mark Schneider joined Nestlé S.A. In June 2016, Nestlé announced Mr. Schneider’s appointment to the position of CEO, which will become effective on January 1, 2017.