Bayer HealthCare to acquires new OTC portfolio

Bayer HealthCare has announced that its consumer care division is to acquire the over-the-counter (OTC) business from Sagmel.

It has signed an agreement to purchase the OTC brand portfolio and related assets of the firm which operates in the Commonwealth of Independent States, including Belarus, Kazakhstan, Russia and Ukraine.

The transaction is forecast to close during 2008, while financial details of the purchase have not been made public.

Sagmel is a privately-held OTC firm with approximately 1,000 employees and estimated net sales of 78 million euros (60 million pounds) for the 12 months from October 2006.

Bayer reports that this transaction will result in a significant expansion of its consumer care segment in the CIS, which it reports is one of the fastest growing OTC markets worldwide.

Arthur Higgins, chairman of Bayer HealthCare, said: “Our consumer health business is a key component of Bayer HealthCare and we will continue to invest in this area in order to ensure further growth.”

He added that this recent acquisition will continue to cement the company’s market leading position in the OTC market.

Last month, Bayer HealthCare announced that its affiliate Medrad had signed a definitive merger agreement with Possis Medical.