Baxter agrees purchase of ApaTech

Baxter has agreed a deal to purchase all outstanding equity in the UK-based orthobiologics firm ApaTech, which specialises in synthetic bone repair materials.

Under the terms of the $330 million (221.2 million pounds) deal, Baxter will take control of a number of ApaTech’s product lines, including the silicate substituted calcium phosphate bone graft material Actifuse.

In return, ApaTech will be able to take advantage of Baxter’s resources to conduct its operations on a larger scale.

Ron Lloyd, vice president and general manager of biotherapeutics and regenerative medicine at Baxter, said that the deal will allow it to complement its existing product portfolio while diversifying into new sectors.

He added: “This is a significant step in enhancing Baxter’s position in the rapidly growing orthobiologics space and our leadership in regenerative medicine.”

In January, Baxter published its financial report for the 2009 fiscal year, reporting a nine per cent annual increase in its net income.