Baxter completes $153M acquisition

Baxter International Inc., a global medical products company, said it has completed its previously announced acquisition of two hemostat and sealant products from Mallinckrodt.

Recothrom Thrombin topical (Recombinant) is the first and only stand-alone recombinant thrombin and Preveleak Surgical Sealant is used in vascular reconstruction.

Both products complement and broaden Baxter's existing surgical portfolio of hemostats and sealants. With Recothrom, Baxter can now provide surgeons with additional options of innovative hemostatic products to handle different severities of bleeding, while Preveleak complements its existing portfolio of advanced surgical sealants.

"We are excited to add both Recothrom and Preveleak to our portfolio of hemostats and sealants to offer surgeons additional options that address different situations when intraoperative bleeding can occur," said Wil Boren, president of Baxter's Advanced Surgery business. "Our top priority right now is working with customers and distributors to ensure a smooth transition."

The deal is expected to be modestly accretive to Baxter's 2018 adjusted earnings and increasingly accretive thereafter. Under the terms of the agreement, Baxter is acquiring Preveleak and Recothrom for an upfront payment of approximately $153 million and potential contingent payments in the future.