Bayer buys Citracal business from Mission Pharmacal
FRANKFURT, Aug 30 (Reuters) - Bayer BAYG.DE has agreed to buy the Citracal line of over-the-counter calcium supplements from U.S. Mission Pharmacal Company for an undisclosed sum, the German drug and chemicals company said on Thursday.
The acquisition, which is expected to close in the fourth quarter of this year, will increase Bayer Consumer Care's market presence in the United States, the world's largest OTC market.
"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, a unit of Bayer.
"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 company has said it is keen on further acquisitions of over-the-counter medicines as part of a strategy to balance "volatility" within its larger prescription drugs business.
Citracal is primarily sold in North America and saw net sales of $47 million for fiscal year 2007.
Bayer Consumer Care is part of Bayer HealthCare.
Bayer shares were up 0.5 percent at 56.06 euros at 1350 GMT, compared with a flat blue-chip German DAX .GDAXI index.
