WW International Inc.’s stock WW tumbled 13% premarket Thursday, after the company formerly called Weight Watchers said Artal Group S.A., a former controlling shareholder, has sold its remaining stake in the company. Artal purchased the company in 1999 from Heinz and maintained a controlling stake through its initial public offering in 2001 through 2018. “WeightWatchers is a remarkable company with a rich history touching the lives of millions of people around the world,” said Ray Debbane, CEO of Artal and chairman of the board of WW from 1999 until May 8, 2023. The stock has gained 115% in the year to date, buoyed by its purchase of Sequence, which is part of Weekend Health Inc., and provides WW with a prescriber of weight-management and diabetes drugs.
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