Baxter announces Baxalta as name of new independent biopharma business

Baxter has confirmed that its biopharmaceuticals division will assume the name Baxalta when the organisation separates into two publicly traded companies next year.

When it becomes an independent firm, Baxalta will generate annual revenues of approximately $6 billion (3.69 billion pounds), with a broad portfolio of therapies for rare conditions and chronic diseases.

With expertise in fields such as bleeding disorders and immunology, the company will expand into areas like oncology and gene therapies, while a brand new logo and visual identity will be rolled out soon.

Baxalta is expected to launch in mid-2015, with its corporate headquarters to be located near Baxter's existing base in northern Illinois.

Dr Ludwig Hantson, president of Baxter BioScience and future chief executive officer of Baxalta, said: "Both companies share a deep commitment to meeting the needs of current and future patients, which will continue to inspire us going forward."

It has previously been announced that Robert Hombach will be chief financial officer of Baxalta, with James Saccaro taking on the equivalent role at Baxter.