Bayer buys Schiff for $1.2 billion

Bayer, a German pharmaceutical and chemical company, acquired vitamins maker Schiff Nutrition Inc. for around $1.2 billion.

Marijn Dekkers, Bayer Chief Executive, said that the Schiff business will enhance their presence in the United States, according to The Wall Street Journal. In the U.S. a subsidiary of Bayer signed an agreement to buy the maker of Airborne, a popular cold remedy, for $34 a share. The price tag also includes the company's debts, which is around $160 million. The deal is expected to close towards the end of the year. According to New York Times, the deal is part of Bayer's efforts into moving into other areas other than prescription drugs. It was just last month when Bayer acquired Teva Pharmaceuticals, an animal health operation, for around $145 million. According to The Seattle Times, some of Schiff's products include Tiger's Milk nutrition bars, Digestive Advantage, and MegaRed, which is an Omega 3 supplement. On Tuesday morning, Bayer shares were up 0.6 percent in the European trading.