Nestle has made its last move to exit the pharma industry by selling off its skin-care company. Nestle originally took control of the business, which specializes in prescription dermatology treatments and wrinkle fillers, in 2014 as part of a deal to buy L’Oreal’s stake in the venture.
The move was an effort to diversify Nestle’s portfolio and stake a claim in the high-growth healthcare industry. But after the unit under-performed, the company faced investor pressure to refocus its attention on food and nutrition.
The unit, which will be rebranded as Galderma, is being sold for about $10 billion to a consortium of investors led by EQT Partners. The companies said they plan to close on the deal by the end of the year, pending regulatory approval.
Read the full Reuters report.