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ZURICH (Reuters) - Food group Nestle's (NESN.S) health science business is investing 20 million euros ($22.8 million) in a joint venture with pharma and diagnostics company Enterome SA to develop microbiome-based diagnostics for inflammatory bowel and liver diseases, Enterome said on Tuesday.
This is the latest in a string of investments by Nestle Health Science targeting gastrointestinal health, and comes as the world's biggest food group is targeted by activist investor Daniel Loeb who is pressing for improved returns.
The new company, Microbiome Diagnostics Partners, will be a 50/50 joint venture, with Enterome contributing its current microbiome diagnostic programs and intellectual property and Nestle's Prometheus Laboratories contributing its diagnostics development and commercial expertise, Enterome said.
Reporting by Silke Koltrowitz