US specialty chemicals producer Ashland has signed a definitive agreement to sell its nutraceuticals business to Turnspire Capital Partners. The transaction is expected to close in the third quarter of 2024, subject to customary closing conditions. Financial details of the transaction were not given.
Ashland’s nutraceuticals business, the company stated, supplies a broad portfolio of active ingredients and formulation aids to nutritional product companies, as well as custom formulation and contract manufacturing capabilities for the nutrition market, from four production facilities in New Jersey and Utah in the US, and Tamaulipas, Mexico.
“The nutraceuticals business has a strong portfolio of proprietary ingredients, formulation and manufacturing capabilities, and a dedicated team that has demonstrated a passion to grow over the years,” said Guillermo Novo, CEO of Ashland.
On the occasion of an update on the company’s fiscal 2023 fourth-quarter and full-year earnings on Nov. 1, 2023, Ashland announced its plan to initiate portfolio-optimization actions to further strengthen its resilience and improve profitability. One of these actions was the start of a divestiture process for the company’s nutraceuticals business.
The United Arab Emirates (UAE) Ministry of Health and Prevention (MoHAP) has established a partnership with Novo Nordisk Pharma Gulf focusing on the creation of a national scientific guide for obesity management and weight control. The collaboration also aims to enhance public awareness of cardiovascular diseases and their complications.
Pharma giant Eli Lilly is teaming up with Haya Therapeutics in a $1bn deal to find multiple regulatory-genome-derived RNA-based drug targets, as it eyes up new targets in obesity. Under the deal, the companies will use Haya’s proprietary regulatory genome discovery platform to identify and validate long non-coding RNA (lncRNA) targets for developing potential treatments for obesity and related metabolic disorders.
The sale includes custom formulation and contract manufacturing capabilities for the nutrition market from the production facilities in New Jersey and Utah in the United States, and Tamaulipas, Mexico. Financial terms of the transaction were not disclosed.
