Baxter International Inc. (NYSE: BAX) put aside $200 million in equity to invest in early-stage companies that “complement” its portfolio.
The newly established ” Baxter Ventures will invest globally and focus on innovative technologies with sustainable long-term growth” under the watch of the Deerfield, Ill.-based company’s chief scientific officer Norbert Riedel, according to a press release.
“Baxter Ventures will allow us to provide companies with promising, early-stage technologies with the capital and expertise needed to drive successful innovation,” Riedel said in prepared remarks. “Through this additional investment, Baxter will expand its internal pipeline with the goal of further strengthening the company’s history of innovative ‘firsts’ in medical therapies.”
When Investment Rhymes with Canada
Canada has a proud history of achievement in the areas of science and technology, and the field of biomanufacturing and life sciences is no exception.
The news comes as med-tech companies are facing increasing competition from private equity firms with renewed interest in medical device acquisitions.
Baxter, which ranked 6th on the MassDevice Big 100 list of the world’s largest medical device companies, recently posted double-digit growth in both its top and bottom line during the second quarter of fiscal year 2011 while cautioning that the the market is still stormy.
“While we’re pleased with improving fundamentals and enhanced financial performance as evidenced by our first half results, I highlight that we continue to navigate through a challenging macro environment that’s evolving on a global basis and continues to absorb ongoing pressures on our business and the healthcare industry more broadly,” president & CEO Robert Parkinson said during a conference call with analysts.
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MassDevice Staff Website The Massachusetts Medical Devices Journal is the online journal of the medical devices industry in the Commonwealth and New England, providing day-to-day coverage of the devices that save lives, the people behind them, and the burgeoning trends and developments within the industry.
The Massachusetts Medical Devices Journal is the online journal of the medical devices industry in the Commonwealth and New England, providing day-to-day coverage of the devices that save lives, the people behind them, and the burgeoning trends and developments within the industry.
