December 31, 1998
Henry Schein Buys Vaccine Supplier
Healthcare products direct marketer Henry Schein Inc., Melville, NY, announced Dec. 29 that it will acquire General Injectables and Vaccines for $65 million in cash and up to $80 million in additional sales incentives. The acquisition of GIV, Bastian, VA, is Schein's sixth of 1998 and fourth in the United States. The direct-to-physician supplier also has purchased Bedsole Medical Co., Mobile, AL, Columbia Medical, Columbia, MD, and Meer Dental Supply, Canton, MI, with combined annual revenues of $217 million. GIV's annual revenues for 1998 are an estimated $118 million. GIV will become part of Schein's Medical Group but will operate as a stand-alone company. It distributes vaccines to 32,000 medical office customers through a 50-person call center that handles more than 1 million calls per year. The acquisition expands Schein's position in the vaccine market, which CEO Stanley Bergman predicts will see annual growth of 15 percent for the next five years.