Bayer And Schein Reinforce Generics Presence

German chemical and pharmaceutical group Bayer and its US affiliate Schein Pharmaceutical have formed a joint venture company based in the USA to strengthen their position in the generics market. The two companies will each hold a 50% share in the company, which will be set up as an international multisource organization. Bayer's US subsidiary Miles completed its purchase at the end of September of a 28.3% stake in Schein.

Bayer says that the new company is being established as an international management group to support the multisource operations of Bayer and Schein outside the USA. It will analyze, identify and prioritize areas of potential cooperation between the two companies.

"This new organization provides a framework to begin applying Schein's expertize and leadership in the multisource business to Bayer's established, international infrastructure," said Steve Thornton, who has been named president of the new company.