DEERFIELD, Ill.—Baxter International Inc. has announced theformation of an offshoot from the company, Baxter Ventures. Baxter Ventureswill invest up to $200 million in equity in promising early-stage companiesthat are working on the development of therapies that complement Baxter'sexisting portfolio. The spin-off company will report to Norbert Riedel, Ph.D.,Baxter's Chief Scientific Officer.
"Baxter's mission is to apply innovative science to developtherapies and medical technologies that save and sustain patients' lives," saidRobert L. Parkinson, Jr., Chairman and Chief Executive Officer of Baxter, in apress release. "As the company's internal capabilities have advanced ourlate-stage pipeline, we have the capacity to further accelerate the early-stagedevelopment of essential therapies."
Baxter International has a presence in several countries inNorth America, Eurpoe, Africa, Latian Amercia, the Middle East and AsiaPacific, with about 47,000 employees worldwide. The company focuses on products"that save and sustain the lives of people with hemophilia, immune disorders,infectious diseases, kidney disease, trauma, and other chronic and acutemedical conditions." Their pipeline includes therapies in such areas andcritical care, pulmonology, renal, immunoglobulin and infusion systems/IVtubing.
Baxter Ventures will invest globally, with a focus oninnovative technologies that present sustainable long-term growth. BaxterInternational has continued to work on growing and developing its internal investmentsin research and development, and has also continued to seek and establishcollaborations, alliances and business development initiatives as part of along-term growth strategy.
"Baxter Ventures will allow us to provide companies withpromising, early-stage technologies with the capital and expertise needed todrive successful innovation," said Riedel in a press release. "Through thisadditional investment, Baxter will expand its internal pipeline with the goalof further strengthening the company's history of innovative 'firsts' inmedical therapies."
SOURCE: Baxter International press release