0922 GMT - Nestle is among the most mentioned companies across news items over the past six hours after selling its peanut-allergy medicine business Palforzia, according to Factiva data. The Swiss packaged-food giant closed the deal with Stallergenes Greer, a biopharmaceutical company specialized in the diagnosis and treatment of allergies. Financial details weren't disclosed, but Nestle said it will receive milestone payments and royalties from the Swiss healthcare group. The divestment came after Nestle launched a strategic review of the business in 2022, giving up hopes that the Palforzia peanut-allergy drug could become a blockbuster therapy due to lower-than-expected demand from doctors and patients. Palforzia, which aims at lessening the frequency and severity of allergic reaction to peanuts, was approved by the U.S. Food and Drug Administration in 2020. Nestle acquired the business later that year from U.S. company Aimmune Therapeutics in a $2.6 billion deal. Dow Jones & Co. owns Factiva. (giulia.petroni@wsj.com)

(END) Dow Jones Newswires

September 04, 2023 05:40 ET (09:40 GMT)

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