Baxter International Inc. has announced plans to create two separate, independent global healthcare companies – one focused on developing and marketing biopharmaceuticals and the other on medical products.
“Baxter has an established history of executing successful spinoffs, and we have continued to evaluate the separation of these two businesses in response to diverging business dynamics and the rapidly changing macro-environment,” says Robert L. Parkinson, Jr., chairman and chief executive officer. “This decision underscores Baxter’s commitment to ensuring its long-term strategic priorities remain aligned with shareholders’ best interests, while improving our competitive position and performance, enhancing operational, commercial and scientific effectiveness and creating value for patients, healthcare providers, and other key stakeholders.”
The biopharmaceuticals business consists of a portfolio of recombinant and plasma-based proteins to treat hemophilia and other bleeding disorders, and plasma-based therapies to treat immune deficiencies, alpha-1 antitrypsin deficiency, burns and shock, and other chronic and acute blood-related conditions.
The medical products business offers a portfolio of intravenous solutions and nutritional therapies, drug delivery systems and administration sets, premixed and other injectable drugs, as well as inhalation anesthetics and hospital-based biosurgery products. This business is also integrating the Gambro AB acquisition, which complements Baxter’s existing renal therapies franchise and provides customers a portfolio of products and services to treat end-stage renal disease across the full continuum of care.
The corporate headquarters of both companies will be located in northern Illinois.
Release Date: March 27, 2014
Source: Baxter International Inc.