Separation into Two Publicly Traded Companies Remains on Track for Mid-2015
DEERFIELD, Ill., FEBRUARY 23, 2015 - Baxter International Inc. (NYSE:BAX) announced today that Baxalta Incorporated, the biopharmaceutical company that is expected to separate from Baxter in mid-2015, will be headquartered in Northern Illinois at 1200 Lakeside Drive, Bannockburn, Ill.
The long-term lease agreement for the approximately 260,000 square foot facility extends for more than a decade.
"Selecting Baxalta's global headquarters is a key milestone on our journey to becoming a leading, independent biopharmaceutical company, and reaffirms our commitment to Northern Illinois and our strong employee base here," said Ludwig Hantson, Ph.D., president of Baxter BioScience, who will be chief executive officer of Baxalta.
Upon completion of the separation, Baxalta will have approximately $6 billion in global revenues and will be 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.
Baxalta plans to trade on the New York Stock Exchange (NYSE) under the symbol BXLT. Baxter International will continue trading on the NYSE under the symbol BAX.
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 planned separation of Baxter's biopharmaceutical and medical products businesses, including expected business prospects. 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: the ability to successfully separate the businesses on the terms or timeline currently contemplated, if at all, and achieve the intended results; a material adverse change in either the biopharmaceutical or the medical products businesses; actions of regulatory bodies and other governmental authorities; changes in laws and regulations; product quality, manufacturing or supply issues, or patient safety issues; and other risks identified in Baxalta's Form 10 and Baxter's most recent filing on Form 10-K and other Securities and Exchange Commission filings, all of which are available on Baxter's website. Baxter does not undertake to update its forward-looking statements.