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Novartis and Quaker form functional food company

On February 10, the companies announced the formation of Altus Food Company, a joint venture to develop and market functional food products in the US, Canada, and Mexico. The company will be financed and operated equally by both companies. Altus will introduce products for women, children, athletes, and older adults into food, drug, and mass channels by late 2000 or early 2001. The Swiss pharmaceutical company Novartis made its first move into the functional food arena last November with the launch of the Aviva line of products in the UK and Switzerland. The Chicago-based Quaker Oats Company markets the Gatorade brand of sports beverages, as well as cereals bearing the FDA-approved health claim linking oatbran/oatmeal to a reduced risk of heart disease. Novartis and Quaker estimate the size of the functional food market in the US at between $10-$20 billion, with an annual growth rate of 10%.

The Tan Sheet, February 14, 2000.

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