Michael Barbella, Managing Editor05.13.23
Baxter and Irish medtech dominated MPO website traffic this past week.
Baxter International amassed pageviews for naming the head of its Kidney Care spinoff, and selling its BioPharma Solutions (BPS) business for $4.5 billion. Private equity investor Advent International and growth investor Warburg Pincus are reportedly paying cash for the BPS business, which provides sterile contract manufacturing solutions, parenteral delivery systems, and customized support services to the pharma and biotech industries. Expected to close in the second half of this year, Baxter anticipates the BPS sale will result in the dilution of about $0.10 per share to its earnings. As a standalone company and partnering with the two buyers, BPS will become an independent, end-to-end CDMO with a range of services from clinical research to commercial deployment.
Baxter's BPS business is headed on a similar path to its Kidney Care spinoff, which now has a leader. Chris Toth has been named CEO, though the company's Renal Care and Acute Therapies businesses are not scheduled to become an independent entity until sometime next year (within the first six months or so). Until the spinoff, Toth will serve as executive vice president and group president of Kidney Care.
In addition to Baxter's spinoff updates, cybervisitors favored Irish medtech news this past week, popularizing stories about Medical Manufacturing Technologies' (MMT) latest acquisition and Dexcom's construction plans. MMT, a portfolio company of Arcline Investment Management, attracted MPO website loyalists with its purchase of two Ireland-based automation firms: Somex Automation and Ward Automation Galway. Somex Automation provides custom automation equipment and processes for the medical device manufacturing industry while Ward Automation Galway provides custom automation solutions. The addition of these technologies and services enables MMT to better serve its medical device manufacturing customers by offering highly specialized robotization and integrated solutions for their production needs. The Somex and Ward Galway product offerings will go to market under the MMT Automation brand.
Dexcom Inc., meanwhile, drove traffic with its plans to build a new global manufacturing facility in Athenry, Galway. The project is supported by the Irish Government through IDA Ireland and represents €300 million investment over five years. Subject to planning permission, the Ireland site will be Dexcom’s first manufacturing site in Europe, expanding upon the company’s existing capabilities in the United States and Malaysia. Subject to planning approval, the new facility will be located on the IDA Ireland strategic landbank in Athenry.
Baxter International amassed pageviews for naming the head of its Kidney Care spinoff, and selling its BioPharma Solutions (BPS) business for $4.5 billion. Private equity investor Advent International and growth investor Warburg Pincus are reportedly paying cash for the BPS business, which provides sterile contract manufacturing solutions, parenteral delivery systems, and customized support services to the pharma and biotech industries. Expected to close in the second half of this year, Baxter anticipates the BPS sale will result in the dilution of about $0.10 per share to its earnings. As a standalone company and partnering with the two buyers, BPS will become an independent, end-to-end CDMO with a range of services from clinical research to commercial deployment.
Baxter's BPS business is headed on a similar path to its Kidney Care spinoff, which now has a leader. Chris Toth has been named CEO, though the company's Renal Care and Acute Therapies businesses are not scheduled to become an independent entity until sometime next year (within the first six months or so). Until the spinoff, Toth will serve as executive vice president and group president of Kidney Care.
In addition to Baxter's spinoff updates, cybervisitors favored Irish medtech news this past week, popularizing stories about Medical Manufacturing Technologies' (MMT) latest acquisition and Dexcom's construction plans. MMT, a portfolio company of Arcline Investment Management, attracted MPO website loyalists with its purchase of two Ireland-based automation firms: Somex Automation and Ward Automation Galway. Somex Automation provides custom automation equipment and processes for the medical device manufacturing industry while Ward Automation Galway provides custom automation solutions. The addition of these technologies and services enables MMT to better serve its medical device manufacturing customers by offering highly specialized robotization and integrated solutions for their production needs. The Somex and Ward Galway product offerings will go to market under the MMT Automation brand.
Dexcom Inc., meanwhile, drove traffic with its plans to build a new global manufacturing facility in Athenry, Galway. The project is supported by the Irish Government through IDA Ireland and represents €300 million investment over five years. Subject to planning permission, the Ireland site will be Dexcom’s first manufacturing site in Europe, expanding upon the company’s existing capabilities in the United States and Malaysia. Subject to planning approval, the new facility will be located on the IDA Ireland strategic landbank in Athenry.