Baxter has completed the acquisition of $100 million of drugmaker Titan Pharmaceuticals, which will create the company’s largest drug discovery and development venture in its history.
Baxter, which is one of the world’s biggest pharma companies, will continue to be part of the Titan portfolio, which has grown to include more than 400 pharmaceutical companies.
CEO James Baxter said the acquisition was the culmination of a partnership that began in the early days of the company and has grown into a full-fledged pharmaceutical company.
“Baxter has proven its ability to accelerate innovation and develop new and innovative products that have a transformative impact on the lives of millions of people,” Baxter said.
In the last two years, the company has focused on developing new and exciting drug therapies, including an asthma treatment, a bone marrow cancer treatment and a new form of cancer therapy, which it says has shown promise for lung cancer.
Titan has more than $10 billion in sales and $3.3 billion in revenue, and Baxter is one, of the most successful drugmakers in the world, with $2.5 billion in revenues and $6.4 billion in cash.
The new acquisition brings Baxter’s global pharma assets to $30 billion, up from $20 billion in 2016.
Baxter also announced it was selling its remaining interest in Triton Pharmaceuticals.
This is a significant milestone for Baxter and our entire Titan family,” CEO James Baxter told the company.”
This acquisition will help us accelerate our momentum in pharma and further strengthen our position as a leading global leader in the development and commercialisation of new medicines.
The acquisition will give Baxter access to Titan’s vast data and clinical data, and the acquisition also gives Baxter the right to develop and commercialise other drug treatments, including oncology treatments, Parkinson’s disease therapies, heart disease therapies and other therapies.”
We look forward to working with our new investors and partners, and look forward for an exciting future.”
The acquisition will give Baxter access to Titan’s vast data and clinical data, and the acquisition also gives Baxter the right to develop and commercialise other drug treatments, including oncology treatments, Parkinson’s disease therapies, heart disease therapies and other therapies.
Titan Pharmaceuticals has a global business, and has about 80,000 employees worldwide, Baxter said in a statement.
It will be managed by its international arm, Baxter Health and is based in the US.
Baxter will continue operating as a separate entity with its global arm, which includes the Tritons business, while Titan is managed by a separate, international arm.