Pharma BD Deal Intelligence

Bayer AG / Schiff Nutrition International, Inc.

2012 · Acquisition/Merger · $1.2B · Terminated

Outcome grade pending — assessed 5 years post-close.

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The coverage arc

Oct 30, 2012 Fierce Pharma Neutral

Bayer to acquire Schiff Nutrition International for US$1.2 billion, adding MegaRed, Move Free and Airborne brands to bolster its U.S. consumer-health and OTC…

Nov 21, 2012 SupplySide Supplement Journal Bearish

Schiff's go-shop clause enabled the alternative bid; Reckitt's superior offer prevailed, leaving Bayer without the targeted US VMS platform — a clear setback…

Nov 26, 2012 Chemical & Engineering News (C&EN) Bearish

C&EN reported that Reckitt Benckiser's $42/share, $1.4B bid topped Bayer's $34/share October agreement; Bayer declined to match and exited, with Reckitt…

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Bayer HealthCare announced $34/share cash deal for Schiff Nutrition (~$1.2B). Schiff FY2012 net sales $259M. Bayer was subsequently outbid by Reckitt Benckiser at $42/share ($1.4B); Bayer declined to raise. Note: nutraceutical/consumer-health, included as borderline pharma carve-out of major pharma activity.

Key facts

Related deals — scored

DealYearValueOutcome
Bayer AG / Schiff Nutrition International, Inc. (this deal)2012$1.2B
Bayer AG / Schering AG2006$21.5B79
Bayer AG / BlueRock Therapeutics2002$600M79
Bayer AG / Merck & Co., Inc.2014$14.2B71
Bayer AG / Schering AG (residual squeeze-out)2007$985M69
Bayer AG / Arvinas, Inc.2019$1.0B59
Bayer AG / Merck & Co. Inc.2014$14.2B56

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