Bayer HealthCare to acquire Schiff Nutrition International

Bayer HealthCare has signed a merger agreement to purchase consumer health specialist Schiff Nutrition International for $1.2 billion (748.5 million pounds).

A leading provider of vitamins and nutritional supplements across the world, Schiff's portfolio includes brands such as MegaRed, Move Free and Airborne, while the company employs around 400 people.

The takeover will substantially enhance Bayer's position in the over-the-counter market, particularly in the US, while expanding the range of products it is able to offer consumers.

Schiff's net sales for the fiscal year ending on May 31st 2012 came to $259 million, with year-on-year growth of between 43 and 46 percent expected in the current 12-month period.

Dr Jorg Reinhardt, chief executive officer of Bayer HealthCare, said: "We will utilise our extensive marketing, sales and distribution expertise to further develop the strong brands we are acquiring."

According to the financial report released by Bayer earlier this week, the group's consumer health business experienced year-on-year growth of 11.5 percent in the third quarter of 2012.