Baxter International has signed an agreement to sell its BioPharma Solutions business to a pair of private equity and growth investors.
Under the deal announced in a press release Monday, Baxter will receive $4.25 billion from Advent International and Warburg Pincus. The deal is expected to close in the second half of this year. Baxter said it will use the money to reduce debt.
The transaction covers manufacturing facilities and approximately 1,700 employees in Bloomington and in Halle, Germany. BioPharma is expected to generate revenues of about $600 million this year.
The company employs about 700 people in Bloomington, where it has operated for more than two decades at its facilities on South Curry Pike. It is one of the largest organizations in the country specializing in injectable pharmaceuticals.
“Leveraging our deep sector expertise and significant strategic resources, we believe this partnership can unlock multiple opportunities for growth and help the business realize its full potential by serving blue-chip customers, including Baxter, with high-value, specialized and end-to-end capabilities as a standalone company,” said John Maldonado, a managing partner at Advent.
