BERLIN (AP) — German drug and chemical maker Bayer AG said Tuesday it is buying U.S. vitamin and supplement maker Schiff Nutrition International Inc. for $1.2 billion (€930 million) in a cash deal it hopes will bolster the offerings of its consumer health division.
The announcement came as the Leverkusen-based company reported net income fell 17.8 percent to €528 million in the third quarter due to one-off items — including €205 million related to costs associated with litigation over the birth control pills marketed as Yasmin or Yaz, which are claimed to cause blood clots. Bayer said it also took a special charge of €134 million in restructuring expenses.
Group sales were up 11.4 percent to €9.665 billion, and board chairman Marijn Dekkers said the company had made good progress from a strategic perspective in the third quarter, strengthening its life sciences business through acquisitions and making progress on innovations.
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