HALLSTON, N.J. (AP) Terry’s has announced a major expansion into the specialty health products business, including a deal to acquire a $20 million stake in the makers of a diabetes treatment called ArteriSci.
The deal, worth about $20.2 million, will help Terry’s expand into the diabetes market.
Terry’s will buy Arterisci, a company that develops a proprietary formula for the treatment of type 2 diabetes.
It will also acquire a stake in another diabetes treatment company, T-Virus Diabetes, which has a $12.8 million stake.
Arterivsci was developed by the company and the maker of Arterius, Tavi.
Terrys CEO is Terry Smith, who is married to his former wife, Sherry.
She is one of the biggest names in the specialty medicine world.
The deal is worth about 1.4 billion in cash, said Terry Smith in a statement.
Terry Smith will become the company’s president and CEO.
Terry Smith, CEO of Terry’s health product company, talks to investors during a conference call in San Francisco, California, March 16, 2019.
REUTERS/Robert GalbraithTerry’s is one, among a slew of specialty health companies, that has been investing heavily in the diabetes field.
The company’s chief medical officer, Dr. Steven Halyard, said the company is expanding into the health care space, as well as into the consumer market.