This is further efforts on the part of Baxter to separate it’s drug other medical products business. Pfizer is also getting a portion of Baxter's facility in Orth, Austria. One vaccine is designed to prevent a type of meningitis and the other is designed to prevent tick-borne encephalitis. BD
Baxter (NYSE:BAX) agreed to offload its commercial vaccines business to pharmaceutical rival Pfizer (NYSE:PFE) for $635 million in cash.
The deal includes Baxter's NeisVac-C meningitis vaccine and the FSME-IMMUN/TicoVac encephalitis vaccine, both of which are already on the market outside of the U.S. Pfizer is also taking over part of an Austrian plant where the vaccines are manufactured, according to a press release.
The divestiture is a small part of Baxter's larger efforts to spin out its pharmaceuticals business into a separate, independent entity. The company announced earlier this year that it would follow in the footsteps of rivals Abbott (NYSE:ABT) and Covidien (NYSE:COV) in separating its drugs business from other medical products.
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