Nestle Health Science takes stake in Accera
BROOMFIELD, Colo. — A division of Nestle has bought a stake in a Colorado-based drug maker focused on treatments for neurodegenerative diseases.
Accera announced that Nestle Health Science would invest in the company to support the development and commercialization of Axona, which it described as a prescription medical food for clinical dietary management of the metabolic processes associated with mild to moderate Alzheimer’s disease. Terms of the deal were not disclosed, but Nestle Health Science president and CEO Luis Cantarell will take a seat on Accera’s board of directors.
"Nestle Health Science’s investment will enable us to make larger clinical trials and help us strengthen our commercial capabilities in the U.S.," Accera president and CEO Holder Kunze said. "It will also provide an opportunity to expand the geographic footprint of Axona longer-term."
First CityTarget stores debut July 25
MINNEAPOLIS — The first of Target’s smaller-format CityTarget urban stores are slated to open on July 25 in Chicago, Los Angeles and Seattle.
Two years in the making, the smaller stores will feature broad offerings in a space two-thirds the size of a regular Target store – or 80,000 sq. ft. to 100,000 sq. ft., compared with 135,000 sq. ft. to 175,000 sq. ft.
Target has said it will open another Los Angeles CityTarget store later this year, as well as a first store in San Francisco. A third Los Angeles location and one in Portland, Ore., are slated to open in 2013.
Avon executive heads to Kraft Foods
NORTHFIELD, Ill. — Kim Rucker will become EVP corporate and legal affairs at Kraft Foods North America, the company announced Thursday.
Rucker — who most recently served as SVP, general counsel, corporate secretary and chief compliance officer at Avon — will be responsible for leading the legal, corporate governance and corporate affairs functions for Kraft Foods. Later this year, Rucker will become EVP corporate and legal affairs, general counsel and corporate secretary. Officially stepping into her new role in late August, she will report to North America president and future CEO Tony Vernon.
"Kim’s extensive experience providing strong strategic and legal counsel to boards of directors, CEOs and executive teams of large public companies will be invaluable as we become a standalone entity," Vernon said. "Her broad and deep background in law and corporate governance, plus her knowledge of the CPG sector, make her an important asset to our team. I look forward to working closely with Kim as we become a world-class public company and North America’s favorite food and beverage business."
Since 2008, Rucker has led Avon’s global legal operation, including corporate governance, compliance, litigation, government affairs and intellectual property. Prior to joining Avon, she was SVP, corporate secretary and chief governance officer for Energy Future Holdings, formerly TXU Corp. Previously, Rucker was corporate counsel for Kimberly-Clark and a partner in the corporate and securities group at Sidley Austin in Chicago.