Nestle to invest $500M in medicinal foods business

Nestle will plow some $500 million into expanding its medical nutrition business over the next decade, in a bid to capture a slice of the growing market for foods to treat chronic conditions such as diabetes and obesity, the Swiss consumer company said Monday.

Nestle SA said it wants to "pioneer a new industry between food and pharma" by creating a medical nutrition institute in Switzerland and a stand-alone subsidiary called Nestle Health Science SA. (AP)