Sector News

Baxter to sell biopharma unit to private equity for $4.25B

May 12, 2023
Life sciences

Baxter’s biopharma solutions business, which provides contract manufacturing and other support services for pharmaceutical companies, reported $644 million in revenue last year. It’s expected to generate roughly $600 million in revenue in 2023, the companies said in a statement.

Under Advent and Warburg’s ownership, it will operate as an independent contract development and manufacturing organization. The two private equity firms will acquire biopharma solutions’ manufacturing facilities, and roughly 1,700 employees in Indiana and Germany.

Advent Managing Partner John Maldonado said in a statement that the partnership can “unlock multiple opportunities for growth and help the business realize its full potential,” by serving large customers, including Baxter, with specialized, end-to-end capabilities as a standalone company.

CEO José Almeida said in an April earnings call that Baxter had seen “significant interest” in the biopharma solutions unit. READ MORE

by Elise Reuter

Source: biopharmadive.com

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