biopharma solutions business in a deal that could reach or exceed $4 billion, people familiar with the matter said on Sunday.
Warburg Pincus and Advent have submitted the most attractive offer to Baxter in an auction that attracted interest from other private equity firms as well as major players in the biomedical sector such as Thermo Fischer Scientific IncThe buyout consortium has turned to other private equity firms to help fund the deal as direct lenders, one of the sources added.
There is no certainty that Warburg Pincus and Advent will successfully complete negotiations to acquire the unit and Baxter may still opt to sell to another bidder or keep the business, according to the sources. They requested anonymity because details of the sale process are confidential.Baxter's biopharma solutions unit supports drugmakers in the formulation, development and commercialization of drugs typically given by infusion or injection, such as biologics and vaccines.
Baxter also plans to spin off its renal care and acute therapies units. The company said dialysis operations, which are a part of Baxter's renal care unit, had become a drag on its margin.