Baxter International to divest BioPharma Solutions business to Advent and Warburg Pincus for $4.2bn

• Baxter is a global medtech company
• Perella Weinberg Partners is serving as financial advisor to Baxter while Moelis & Company LLC and Truist Securities are serving as financial advisors to Advent and Warburg Pincus
• Advent had $92 billion in assets under management, as of December 31, 2022

Baxter International has agreed to sell its BioPharma Solutions business to Advent International and Warburg Pincus for $4.2 billion in cash.

The deal is expected to close in the second half of 2023.

Baxter is a global medtech company.

“BPS is a premier asset at the forefront of the biopharma industry, and one we’ve been closely following for a number of years,” said John Maldonado, a managing partner at Advent, in a statement. “Leveraging our deep sector expertise and significant strategic resources, we believe this partnership can unlock multiple opportunities for growth and help the business realize its full potential by serving blue-chip customers, including Baxter, with high-value, specialized and end-to-end capabilities as a standalone company. We’re thrilled to partner with BPS to alleviate critical pain points for its customers and to help them provide life-changing therapies to patients around the world.”

Perella Weinberg Partners is serving as financial advisor to Baxter while Moelis & Company LLC and Truist Securities are serving as financial advisors to Advent and Warburg Pincus.

Advent invests in the healthcare sector. Advent had $92 billion in assets under management, as of December 31, 2022.

Since inception, Warburg Pincus has invested over $16 billion in more than 180 healthcare companies, including Summit Health, Modernizing Medicine and Ensemble Healthcare Partners. Warburg has more than $80 billion in assets under management.