- Thermo Fisher Scientific (NYSE:TMO) and South Korea-based Celltrion Inc. are among those vying to acquire the biopharma solutions business of Baxter International (NYSE:BAX), Reuters reported Tuesday, citing people familiar with the matter.
- In January, Baxter (BAX) announced plans to explore strategic alternatives for the unit, which provides contract manufacturing services to the healthcare industry.
- A potential sale, which, according to sources, could generate more than $4B for the healthcare equipment maker, can help it reduce its debt load that reached $16.6B as of 2022 year-end following its $10.5B acquisition of Hill-Rom in 2021.
- Private equity firms, including KKR & Co (KKR) and The Carlyle Group Inc. (CG), have also said to be interested in Baxter’s (BAX) unit, which will still attract new bidders, sources said.
- Baxter (BAX), Thermo Fisher (TMO), and KKR (KKR) refused to comment, while Celltrion and Carlyle (CG) were not immediately available for comments.
- Read: Seeking Alpha contributor Wolf Report retained its Buy rating on Baxter (BAX) early this year, noting that the company is one of its number-one picks in healthcare/MedTech for 2023.
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