Schein Acquires Pharmaceutical Pair

Nov 19, 2003 10:30 PM  By

Melville, NY-based medical, dental, and veterinary conglomerate Henry Schein (Nasdaq:HSIC) is at again. The serial acquirer expanded its pharmaceuticals business by adding a pair of Chicago-based companies: Damer & Cartwright Pharmaceutical and American Medical Services. Both of the companies are privately held and affiliated. Terms of the cash transaction were not disclosed.

Damer & Cartwright, a pharmaceutical distributor, sells products related to oncology, infertility, hepatitis, transplant and respiratory disease. American Medical Services, a distributor of oncology drugs and other healthcare supplies, sells mainly to oncologists.

Both companies serve customers primarily in Illinois. Schein plans to use them as a springboard for national expansion into rapidly growing markets. The two acquired companies posted combined revenue exceeding $100 million for the past 12 months. The acquisitions are expected to be accretive to Henry Schein’s 2004 earnings.

Henry Schein is now up to four acquisitions this year. In June, the marketer acquired Los Angeles-based Colonial Surgical to strengthen its examination gloves business, and in May it acquired Hager Dental GmbH, a German-based dental business.