PURCHASE, N.Y.—An investment group led by Phillip and Michael Satow acquired all assets of Nutrition 21; however, the company will continue to operate under the Nutrition 21 name. Michael Satow will serve as president and chief executive officer, and Phillip Satow will take over as chairman of the board.
“I am very excited about the acquisition of Nutrition 21’s assets," said Michael Satow. "As CEO, I am committed to maintain the highest standards of quality and customer service that you have enjoyed in the past. I intend to invest and grow this business as well as expand the Company’s range of offerings."
Phillip Satow added, “The nutraceutical and functional food sectors are undergoing significant regulatory and market change. Our knowledge of the health care space, combined with the deep experience of Nutrition 21’s personnel will position us well for growth in the future."
Phillip and Michael together have almost 50 years of experience in the health care industry. Most recently, they founded and built JDS Pharmaceuticals LLC, a specialty pharmaceutical company focused on the psychiatric and women’s health markets. JDS was sold in 2007 to Noven Pharmaceuticals, Inc. for $125 million.
Prior to JDS, Phillip was executive vice president of Forest Laboratories Inc. and president of Forest Pharmaceuticals. Phillip also served in senior positions at Pfizer and Carter Wallace. He has served on the boards of directors of public companies, including Forest Laboratories Inc., Crucell Inc., Eyetech Inc., and Noven.
Prior to JDS, Michael founded and/or served as CEO of several venture-backed companies as well as being a practicing attorney for five years. Michael currently sits on several private companies’ and non-profit boards.
In 2010, Nutrition 21 reported its financial numbers were stable.
