Baxter highlights strategic plan behind vaccines business sale

Baxter has expressed confidence that the recent sale of its vaccines division to Pfizer will aid its current strategic transformation plans.

A definitive agreement was announced earlier this week to sell its two commercially marketed vaccines and related production facilities to Pfizer for a total cash consideration of $635 million (377.35 million pounds).

The transaction is expected to close by the end of 2014 and will help Baxter to optimise its portfolio and enhance focus on specific disease areas, in preparation for the spinoff of its bioscience organisation into a separate, independent global biopharmaceutical company.

Baxter will continue to explore further strategic options, including the potential for partnering or divesting its research and development programmes focused on influenza and Lyme disease.

Dr Ludwig Hantson, president of Baxter BioScience, said: "We are confident that Pfizer, with its recognised global leadership in vaccines, will provide the dedicated, ongoing investments necessary to support and advance the availability of these important vaccines."

During the second quarter of 2014, the company achieved double-digit sales growth, exceeding internal expectations.