Henry Schein, Inc., a supplier of healthcare products to office-based practitioners, has entered into a definitve agreement to acquire General Injectables and Vaccines, Inc. (GIV; Bastian, VA), in a purchase transaction valued at $65 million. GIV is a direct marketer of vaccines and other injectables to office-based practitioners in the U.S. with estimated 1998 revenues of $118 million.
Under the terms of the agreement, GIV's shareholders will receive additional consideration, subject to financial performance, by way of an earn-out payment over the next several years.
Founded in 1983, GIV operates one centrally located distribution facility in Bastian, serving its 32,000 customers across the entire United States. The Company offers more than 4,000 products, a fill rate exceeding 98% and guaranteed overnight delivery.
Stanley M. Bergman, chairman, CEO and president of Henry Schein, said the acquisition of GIV strengthens the Company's position within the growing U.S. market for non-oncology related injectables and vaccines. "With the advent of many innovative vaccines, targeting diseases such as Lyme disease, cytomegalovirus (CMV), and numerous acute respiratory diseases, the injectable market is expected to grow by 15% annually over the next five years," Bergman said. "In addition, vaccines for other major diseases such as herpes and HIV are also in development and could have substantial market potential.
"GIV is also the largest supplier of distribution services to the 'Vaccine For Children Program', which provides vaccines for children through local state health departments," Bergman added.
For more information: Henry Schein, Inc., 135 Duryea Road, Mail Route 150, Melville, NY 11747, USA. Telephone: 516-843-5325 or 1-800-472-4346. Fax: 516-843-5652.