Baxter Picks HQ for Biopharma Spinoff, and It's Just up the Road
Sunday, March 1, 2015
Source: Fierce Pharma
Baxter's ($BAX) biopharma unit may be on track to spin off later this year, but it's not going far--geographically speaking, that is.
The new company, Baxalta, will set up camp in Bannockburn, IL, less than 6 miles up I-94 from Baxter's Deerfield headquarters. The long-term lease agreement for its 260,000-square-foot-building extends for more than a decade, Baxter said Monday.
"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," future Baxalta chief Ludwig Hantson said in a statement.