Baxter Pads Biopharma Unit with Pre-Spinoff Oncology Buy
Tuesday, May 12, 2015
Source: Fierce Pharma
As Baxter ($BAX) gears up to spin off its biopharma unit into new company Baxalta, it wants to make sure the new pharma has enough revenue to rely on. And to do that, it's bulking up.
The Illinois company has agreed to purchase leukemia treatment Oncaspar from Italy's Sigma-Tau Finanziaria for $900 million, it said Tuesday. The therapy--part of a first-line chemo regimen to treat acute lymphoblastic leukemia (ALL)--will play a key role in Baxalta's oncology division, Baxter said, with $100 million in annual sales from countries including the U.S., Germany and Poland.