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Bayer set to buy Schiff Nutrition International for $1.2bn
- Publisher：
- Publication：2012/11/1
German drugmaker Bayer has agreed to buy Schiff Nutrition International for approximately US$1.2 billion, the company has confirmed.
Schiff is a leading vitamin manufacturer in the US, with its portfolio including products such as MegaRed, Move Free and Airborne.
The company recorded sales of US$259 million for the financial year ending May 31st 2012, with growth in the region of 43 to 46 per cent anticipated for the current fiscal year.
Bayer is offering $34 per share in cash to Schiff shareholders.
Dr Marijn Dekkers, chief executive officer of Bayer AG, said: "This transaction represents an excellent strategic fit for our HealthCare business.
"The Schiff business significantly enhances our presence and position in the United States, which accounts for more over-the-counter and nutritional products sales than any other country in the world."
Tarang Amin, president and chief executive officer of Schiff, added that Bayer was "well-positioned" to take the company's leading brands to the next level.