Bayer to buy US vitamins maker Schiff Nutrition International for $1.2 bn

German pharmaceutical giant Bayer AG today said that it will acquire US vitamins maker Schiff Nutrition International in an agreed $1.2 billion cash deal.

Bayer's US subsidiary, Bayer HealthCare, is offering to pay $34 per share, a 47 per cent premium to Schiff Nutrition Friday's closing price of $23.19.

The purchase price includes $154.85 million to $167.75 million debt.

Founded in 1940 by Joe Weider as Weider Nutrition, Salt Lake City-based Schiff Nutrition is a leading nutritional supplement company offering vitamins, nutritional supplements and nutrition bars in the US and overseas.

Schiff Nutrition's portfolio of brands includes MegaRed for cardiovascular health, Move Free for joint care, Airborne for immune support, Tiger's Milk, Digestive Advantage and Schiff Vitamins.

The company employs about 400 people and generated net sales of $259 million in 2012. The company expects to generate revenues of $370 million to $378 million in 2013.