Baxter moves ahead on Baxalta spin-off; share dividend declared

• Baxter International's (NYSE:BAX) Board of Directors approves the separation of its biopharmaceuticals business, known as Baxalta, and declares a special dividend distribution of 80.5% of Baxalta's common stock to Baxter shareholders who will receive one share of Baxalta for each BAX share owned. Baxter will retain a 19.5% stake.
• Baxalta will begin trading as an independent company on the New York Stock Exchange on July 1 under the symbol "BXLT."