Baxter International to spin off renal division
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Baxter International plans to spin off its renal care and acute therapies global business units into an independent, publicly traded company, according to a press release.
Baxter said the decision was part of a “comprehensive strategic roadmap to meaningfully enhance its operational effectiveness, drive toward improved long-term performance, accelerate innovation and create additional value for all stakeholders,” according to the release. The spinoff is expected to take 12 to 18 months.
A company spokesperson said the changes will not affect Baxter’s Renal Care Services dialysis clinics located in different regions, including Latin America and Europe, and the company will continue to offer its Homechoice Claria peritoneal dialysis machine, Sharesource remote patient management platform; PD solutions; its Theranova hemodialyzer and its PrisMax dialysis machine for continuous renal replacement therapy.
“We are at a major inflection point in Baxter’s ongoing transformation journey,” José (Joe) E. Almeida, chairperson, president and CEO of Baxter, said in the release. “The health care landscape has never been more dynamic. Our learnings over the past year and beyond require a fundamental rethinking of our profile and operating model. These decisive actions are necessary to help deliver future performance and innovation at the levels we demand of ourselves in pursuit of our mission to save and sustain lives.”
Baxter’s Renal Care and Acute Therapies businesses serve more than 1 million patients in more than 70 countries, the company said. The two businesses are estimated to grow between 3% to 4% on a compound annual basis during the next 3 years, according to the press release.
Baxter’s board of directors still has to approve the plan to spin off the renal care and acute therapies business units, the company said.
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