Waverly Inc. announced yesterday that it had bought a string of medical publishing and distribution properties in Europe and Asia for a total of $3 million.
The Baltimore-based medical journal and textbook publisher acquired two German professional journals that focus on "natural" or alternative treatments, such as acupuncture. The journals, with a combined circulation of about 30,000, had sales of about $500,000 a year, said E. Philip Hanlon, Waverly's chief financial officer.
Waverly also bought Germany's leading medical test preparation publisher, Mediscript, which has sales of about $500,000 a year.
Mr. Hanlon said Waverly hopes to develop more titles and produce electronic versions of Mediscript's study guides.
Waverly also purchased the assets of Muller & Steinicke, a German distribution and direct mail company, to improve its access to markets, he said.
The German acquisitions were made by Waverly's German subsidiary, Urban & Schwarzenberg of Munich.
In Asia, Waverly bought Info-Med, a Hong Kong-based medical publisher and distributor. Waverly, which had owned 20 percent of Info-Med since 1986, bought out a 20 percent share held by Times Mirror Co. as well as the remaining shares held by others, Mr. Hanlon said. Times Mirror, owner of The Baltimore Sun Co., owns 5.01 percent of Waverly stock.
Info-Med, with about 20 employees and annual sales of about $1.5 million, publishes medical texts and journals in English and distributes them throughout Southeast Asia.