Baxter (BAX) to Acquire Assets of Edwards Lifesciences' (EW) Hemofiltration Product Line
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Baxter International Inc. (NYSE: BAX) announced a definitive agreement with Edwards Lifesciences Corporation (NYSE: EW) under which Baxter will acquire certain assets related to Edwards' hemofiltration product line, also known as Continuous Renal Replacement Therapy (CRRT). The transaction is expected to close in the third quarter of 2009, pending regulatory approvals.
Under the terms of the agreement, Baxter will provide Edwards an initial cash payment of approximately $56 million upon the close of the transaction. Additionally, Baxter will receive transition services from Edwards and is expected to pay Edwards up to an additional $9 million based on revenue objectives expected to be achieved over the next two years. The impact of this transaction is immaterial to Baxter's financial results for 2009.
Baxter International Inc., through its subsidiaries, develops, manufactures and markets products for hemophilia, immune disorders, infectious diseases, kidney disease, trauma, and other chronic and acute medical conditions.[SM]
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