Warburg, Advent to buy Baxter's biopharma business for $4.25 billion

Credit: REUTERS/Bernadett Szabo

Adds background in paragraph 2, 3

May 8 (Reuters) - Baxter International Inc BAX.N said on Monday a private-equity group, which includes Warburg Pincus and Advent International, has agreed to buy its biopharma solutions unit for $4.25 billion.

Private-equity firms have increasingly been investing in the drug development sector, which was deemed as risky, by coming up with deals that compensate them for the uncertainty involved.

Through the deal with Baxter, which is expected to close in the second half of 2023, the private-equity firms hope to strengthen their presence in the contract drug manufacturing space.

(Reporting by Khushi Mandowara and Bhanvi Satija in Bengaluru; Editing by Krishna Chandra Eluri)


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