DEERFIELD, Ill.--(BUSINESS WIRE)--
Baxter International Inc. (NYSE:BAX) today announced that it has entered
into a definitive agreement to sell its two commercially marketed
vaccines and related production facilities to Pfizer Inc. for a total
cash consideration of $635 million, subject to certain adjustments.
The sale includes the company’s commercial vaccines business, which is
comprised of NeisVac-C, a vaccine which helps protect against meningitis
caused by group C meningococcal meningitis (MenC), and FSME-IMMUN, which
helps protect against tick-borne encephalitis (TBE), an infection of the
brain transmitted by the bite of ticks infected with the TBE-virus. Both
vaccines are currently available outside the United States, primarily in
a number of European markets. Baxter continues to explore strategic
options, including the potential for partnering or divesting its R&D
development programs focused on influenza and Lyme disease.
''This action reflects our strategic priority to optimize the portfolio
and enhance focus in specific disease areas as Baxter’s BioScience
organization prepares to become a separate, independent global
biopharmaceutical company. We are redirecting resources and investing in
our robust pipeline centered on core areas of expertise – hematology and
immunology – and through technology platforms like gene therapy and
biosimilars,'' said Ludwig Hantson, Ph.D., president of Baxter
BioScience. ''We are confident that Pfizer, with its recognized global
leadership in vaccines, will provide the dedicated, ongoing investments
necessary to support and advance the availability of these important
Subject to regulatory approvals and other customary closing conditions,
the companies expect to close the transaction by the end of 2014. Baxter
expects 2014 vaccines revenues to total approximately $300 million and
adjusted earnings of approximately $0.25 per diluted share, including
approximately $50 million of one-time milestone payments related to the
ongoing government collaborations for development of influenza vaccines.
Baxter expects the transaction to be modestly dilutive to fourth quarter
2014 adjusted earnings and dilutive to 2015 adjusted earnings by
approximately $0.15 per diluted share.
About Baxter BioScience
Baxter BioScience, one of the largest biotechnology organizations in the
world, is 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, Baxter BioScience has a broad pipeline
built on a legacy of innovation in bleeding disorders and immunology and
is expanding to address emerging opportunities in niche areas of
oncology as well as technology platforms such as biosimilars.
About Baxter International Inc.
Baxter International Inc., through its subsidiaries, develops,
manufactures and markets products that save and sustain the lives of
people with hemophilia, immune disorders, cancer, infectious diseases,
kidney disease, trauma and other chronic and acute medical conditions.
As a global, diversified healthcare company, Baxter applies a unique
combination of expertise in medical devices, pharmaceuticals and
biotechnology to create products that advance patient care worldwide.
This release includes forward-looking statements concerning the
divestiture of Baxter’s vaccines business, including with respect to the
closing of the transaction and its financial impact on the company. The
statements are based on assumptions about many important factors,
including the following, which could cause actual results to differ
materially from those in the forward-looking statements: failure to
obtain the necessary approvals and consents or to satisfy other closing
conditions; a material adverse change in the vaccines business; actions
of regulatory bodies and other governmental authorities; changes in laws
and regulations; product quality or patient safety concerns; and other
risks identified in Baxter’s most recent filing on Form 10-K and other
SEC filings, all of which are available on Baxter’s website. Baxter does
not undertake to update its forward-looking statements.
Baxter International Inc.
Mary Kay Ladone, 224-948-3371
Source: Baxter International Inc.