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Baxter to create biotechnology spinoff
Baxter International announced yesterday (March 27th) it would look to offload its biotechnology operations in the formulation of a publicly traded company by the summer of 2015.
It would effectively see the company split into two, with the remaining division focusing on the existing core medical technology business in a move which is similar to what Abbott Laboratories did with its spinoff AbbVie Inc at the beginning of last year.
According to Reuters, Baxter said its biotech business, which includes treatments for hemophilia and other bleeding disorders, recorded revenue of $6 billion (3.6 billion pounds) in 2013, while the medical products and equipment sales side of its business had sales of $9 billion.
The plans will see chief executive officer Robert Parkinson continue in his current role, while Ludwig Hantson, president of the company's BioScience group, will be appointed to lead the new, as-of-yet unnamed, biopharmaceutical spinoff.
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