UPDATE, 11/5/12, 11:20 a.m. EST: Names of individual lawyers from Sullivan & Cromwell and Jones Day advising Bayer on the transaction have been added to the fifth and sixth paragraphs.

Bayer HealthCare, a subsidiary of German pharmaceutical giant Bayer AG, said Tuesday it has agreed to pay $1.2 billion to acquire Salt Lake City–based Schiff Nutrition International, which makes vitamins and nutritional supplements including Airborne.