Baxter Acquires Orthobiologic Company ApaTech

Deerfield, Ill.-based Baxter International, a global, diversified healthcare company, has entered into a definitive agreement with ApaTech, a private equity-backed, U.K.-based orthobiologic products company, in which Baxter will acquire all of the outstanding equity of ApaTech for total consideration of up to $330 million, according to an ApaTech news release.

Baxter will also acquire ACTIFUSE, a silicate substituted calcium phosphate synthetic bone graft material which is currently marketed in the United States and other select markets around the world, as well as manufacturing and research and development facilities located in the U.K., United States and Germany, according to the release.

The agreement includes an upfront cash payment by Baxter of $240 million, according to the release. Baxter may make additional payments of up to $90 million related to the achievement of sales milestones.

The transaction is expected to close in the first quarter 2010, subject to customary closing conditions and expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and is not expected to have a material impact on Baxter's 2010 financial results, according to the release.

Read the release about Baxter's acquisition of ApaTech.