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What: Shares of U.S. vitamin and supplement maker Schiff Nutrition International (NYSE:SHF) soared 46% today, after German drug and chemical maker Bayer offered to acquire it for $1.2 billion.

So what: The deal values Schiff at $34 per share, and represents a whopping 47% premium to its closing price on Friday. Bayer is making the move to bolster growth at its consumer health segment, and help offset some of the risks associated with its volatile prescription drugs business, giving shareholders some comforting product, as well as geographic diversification.

Now what: According to Bayer, the deal is expected to close by the end of the year. According to Bayer CEO Dr. Marijn Dekker:

This transaction represents an excellent strategic fit for our HealthCare business. The Schiff business significantly enhances our presence and position in the United States, which accounts for more over-the-counter and nutritional products sales than any other country in the world.

Of course, with Schiff shares likely all popped out and having few publically traded alternatives, health products retailer GNC Holdings (NYSE:GNC) might be a decent way to play the growing vitamin and supplement space going forward.

Interested in more info on Schiff? Add it to your watchlist.

Fool contributor Brian Pacampara has no positions in the stocks mentioned above. The Motley Fool has no positions in the stocks mentioned above. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.