Cleary Gottlieb is representing Advent International Corporation (Advent) and Warburg Pincus LLC (Warburg Pincus) in their acquisition of BioPharma Solutions (BPS) from its parent company Baxter International Inc. (Baxter), a leading global medtech company.
Baxter will receive $4.25 billion in cash, subject to certain closing adjustments. The acquisition was announced on May 8, 2023. Advent and Warburg Pincus’ co-investment will serve to accelerate BPS’ go-to-market strategy and clinical development pipeline, execute on throughput expansion and drive further product innovation.
BPS has been a leading provider of sterile contract manufacturing solutions, parenteral delivery systems, and customized support services to the pharma and biotech industries for decades. As a standalone company and in partnership with Advent and Warburg Pincus, BPS will operate as a premier, independent end-to-end CDMO providing a range of services for clients, from clinical research to commercial deployment. BPS should be well-positioned to accelerate its go-to-market strategy and clinical development pipeline, execute on throughput expansion and drive further product innovation. The proposed transaction includes BPS manufacturing facilities and approximately 1,700 employees in Bloomington, Indiana and Halle, Germany. BPS is expected to generate revenues of approximately $600 million on a reported basis for full year 2023.
For more information, please see the press release here.