”This announcement marks an important milestone towards the creation of two global independent healthcare companies that share a common heritage of saving and sustaining lives,” said Robert L. Parkinson, Jr., Baxter’s chief executive officer. ”The spin-off underscores Baxter’s commitment to ensuring its long-term strategic priorities remain aligned with shareholders’ best interests while creating enhanced value for patients, healthcare providers and other key stakeholders.”
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Following the separation, Baxter will have a broad global footprint built around fluid systems, renal therapies, parenteral nutrition, inhalation anesthetics and biosurgery products. It will be focused on developing new healthcare solutions in hospital, in-center and home based therapies. Baxalta will become a leading provider of therapeutic treatments that save, sustain and improve the lives of people with rare conditions, chronic diseases or limited treatment options. Supported by advanced technical and manufacturing expertise, Baxalta’s broad pipeline is built on a legacy of innovation in bleeding disorders and immunology, and is expanding to address unmet medical needs in niche areas of oncology, as well as technology platforms such as gene therapy.
Baxter has set up a website with more information on the spinoff.
Baxter’s Medical Products business will remain a diversified company with a broad global footprint built around fluid systems, BioPharma Solutions, renal (including the recently acquired Gambro), as well as nutritional therapies, inhalation anesthetics and biosurgery products. This business will retain the Baxter International Inc. name and will be led by Baxter Chairman and CEO Bob Parkinson. It will be focused on developing new healthcare solutions in hospital, in-center and home based therapies.
Baxter’s BioScience business will become a leading provider of therapeutic treatments that save, sustain and improve the lives of people with rare conditions, chronic diseases or limited treatment options. Supported by advanced technical and manufacturing expertise, its broad pipeline is built on a legacy of innovation in bleeding disorders and immunology, and is expanding to address unmet medical needs in niche areas of oncology, as well as technology platforms such as gene therapy. The new company will be named Baxalta Incorporated and will be led by current BioScience President Ludwig Hantson.
Baxalta’s latest Form 10 can be found here. Baxalta sales accounted for $6 billion of Baxter’s $16.7 billion in 2014 revenue.
Disclosure: The author holds no position in any stock mentioned