Ayer medical food company acquired for $64MNovember 20, 2017CLICK HERE for original article
Ayer-based Cambrooke Therapeutics has been acquired by a Japanese amino acid-based product manufacturer for $64 million.
Cambrooke Therapeutics develops therapuetic nutrition for people with chronic health conditions who require specialized functional foods. With the acquisition, the company gains access to Japan-based Ajinomoto Co. Inc.'s global nutrition and ingredient expertise and texture-enhancing capabilities, Cambrooke Therapeutics said in a press release on Friday.
Cambrooke Therapeutics, with 50 employees, now becomes a wholly-owned subsidiary of Ajinomoto Co. Inc., a publicly-traded company with 83,101 shareholders on the Tokyo Stock Exchange and Bursa Malaysia.
In a press release from Ajinomoto Co. Inc., the company said the market for medical foods in the U.S. is the largest in the world at $1.2 billion and annual growth rate of 10 percent.
The company said it plans to expand its share of the global market for medical foods for patients with amino acid metabolism disorders to 20 percent with sales of about $90 million by 2027.