MORRISTOWN, N.J., Aug. 30 /PRNewswire/ -- Bayer HealthCare (BHC) announced today that its Consumer Care Division has signed an agreement with Mission Pharmacal Company to acquire their global Citracal(R) line of over-the-counter (OTC) calcium supplements. The companies have agreed not to disclose the financial terms of the transaction, which is expected to close during the fourth quarter of 2007 subject to regulatory approvals.
This acquisition will increase Bayer Consumer Care's market presence in the United States, the world's largest OTC market. It will also continue to build upon the company's already strong nutritionals business, which includes leading brands such as One-A-Day(R), Supradyn(R), Berocca(R) and Redoxon(R). Further opportunity may also come by extending the Citracal brands' presence into other parts of the world, including key growth markets such as Asia Pacific, through Bayer's considerable global marketing, sales and distribution expertise.
"Our consumer health businesses are a key component of Bayer HealthCare and we will continue to invest in this area in order to maintain a diversified portfolio," said Arthur Higgins, Chairman of Bayer HealthCare. "This acquisition further affirms our strategy and commitment to grow our consumer health segments and will help to solidify our number two position in the global OTC market."
"The Citracal brand offers very attractive growth potential both in the critically important US market and for our nutritionals portfolio, which is a key growth driver for us now and in the future," said Gary Balkema, President of Bayer HealthCare's Consumer Care Division.
Citracal is primarily sold in North America and saw net sales of $47.0 million (EUR 36.2 million) for fiscal year 2007.
Commenting on the deal, Neill B. Walsdorf, Jr., President of Mission Pharmacal Company, said "With a strong entrepreneurial spirit, we have built the Citracal business by developing innovative products that fulfill unmet consumer needs and at the same time delivered solid growth and profitability. We are pleased to have entered into this agreement with Bayer to take this success to the next level. We believe that Bayer is in a strong position to continue the impressive growth already achieved for our brand under a new stewardship."
About Bayer HealthCare AG
Bayer HealthCare, a subsidiary of Bayer AG, is one of the world's leading, innovative companies in the healthcare and medical products industry and is based in Leverkusen, Germany. The company combines the global activities of the Animal Health, Consumer Care, Diabetes Care and Pharmaceuticals divisions. The pharmaceuticals business operates under the name Bayer Schering Pharma and as Bayer HealthCare Pharmaceuticals in the US and Canada. Bayer HealthCare's aim is to discover and manufacture products that will improve human and animal health worldwide.
About Bayer HealthCare's Consumer Care Division
The Consumer Care Division of Bayer HealthCare LLC, is headquartered in Morristown, New Jersey, USA. Bayer's Consumer Care Division is among the largest marketers of over-the-counter medications and nutritional supplements in the world. Some of the most trusted and recognizable brands in the world today come from the Bayer portfolio of products. These include Bayer(R) Aspirin, ALEVE(R), Flanax(R)/Apronax(R), Alka-Seltzer Plus(R), Bactine(R), RID(R), Phillips'(R) Milk of Magnesia, Midol(R), Alka-Seltzer(R), Talcid(R), Rennie(R), Canesten(R), Bepanthen(R), Bepanthol(R), One-A-Day(R) vitamins, Flintstones(TM) vitamins, Supradyn(R), Redoxon(R), Berocca(R), Cal-D-Vita/Elevit(R), Vital 50 Plus(R), CardioAspirin(R).
About Mission Pharmacal Company
Mission Pharmacal Company is a family-owned pharmaceutical company based in San Antonio, Texas. For almost sixty years, the company has been dedicated to identifying unmet health needs in the marketplace and developing innovative prescription and over-the-counter products to meet them. Currently, Mission Pharmacal Company provides physicians and consumers with pharmaceutical, nutritional and diagnostic products.
Citracal(R) UltraDense(R) calcium citrate, Mission's flagship brand, has been cited in numerous clinical studies for its optimal solubility, and its proven ability to help stop bone loss. Citracal has earned the recognition and respect of the medical community and many physicians recommend Citracal calcium citrate as one of the best absorbed forms of supplemental calcium. The success of Citracal as a trusted brand has paved the way for adding exciting new products to the Citracal line, such as Citracal 250 mg + D, a tablet formulation, and Citracal Plus with magnesium. www.citracal.com.
This news release contains forward-looking statements based on current assumptions and forecasts made by Bayer Group management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in our public reports filed with the Frankfurt Stock Exchange and with the U.S. Securities and Exchange Commission (including our Form 20-F). The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.