DEERFIELD, Ill. (AP) — Baxter International Inc. said today it is selling
its U.S. generic injectables business to Hikma Pharmaceuticals PLC for about $112 million.
Baxter said the sale will allow the company to redirect resources toward its
proprietary, enhanced packaging offerings and formulation technologies.
Baxter expects to record a charge of 12 cents a share for the third quarter
to write down the assets. Baxter last week reported that its third-quarter net
income rose to $595 million, or $1.01 per share, from $530 million, or 87 cents
per share, a year ago.
In the deal, London-based Hikma will acquire Baxter’s generic injectable
products which include chronic pain treatments and anti-infectives. It will also
acquire a Baxter manufacturing facility, warehouse, and a distribution center.
About 750 employees will transfer as part of the deal.