OR WAIT null SECS
Bayer will acquire the dietary supplement marketer for $1.2 billion.
Bayer will acquire Schiff Nutrition International for $1.2 billion, according to company reports. Schiff is a dietary supplement marketer best known for products such as MegaRed krill oil, Move Free, and Airborne.
The drug maker’s acquisition of Schiff represents a growing trend of pharmaceutical companies expanding into the natural products market, which appears less volatile to drugs. In February 2012, Pfizer acquired Alacer Corp., maker of Emergen-C vitamin C effervescents.
Schiff earned $259 million in net sales during the fiscal year ending May 31, 2012 and expects sales to grow between 43% and 46% in 2013. Bayer offered $34 per share to Schiff shareholders, a 47% premium over Friday’s closing price of $23.19.
“Bayer is committed to augment its organic growth with strategic bolt-on acquisitions,” said Bayer AG CEO Marijn Dekkers, PhD. “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.”