Baxter Ventures to Commit Up to $200 Million
DEERFIELD, Ill., Jul 28, 2011 (BUSINESS WIRE) -- Baxter International Inc. /quotes/zigman/219387/quotes/nls/bax BAX +0.27% announced today that it has established Baxter Ventures to invest up to $200 million in equity in promising early-stage companies developing therapies that complement Baxter's existing portfolio.
"Baxter's mission is to apply innovative science to develop therapies and medical technologies that save and sustain patients' lives," said Robert L. Parkinson, Jr., Chairman and Chief Executive Officer of Baxter. "As the company's internal capabilities have advanced our late-stage pipeline, we have the capacity to further accelerate the early-stage development of essential therapies."
Baxter Ventures will invest globally and focus on innovative technologies with sustainable long-term growth. The company has continued to grow its internal investments in R&D and to pursue business development initiatives, collaborations and alliances as part of its long-term growth strategy.
Baxter Ventures will report into Norbert Riedel, PhD, Baxter's Chief Scientific Officer.
"Baxter Ventures will allow us to provide companies with promising, early-stage technologies with the capital and expertise needed to drive successful innovation," said Dr. Riedel. "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."
Baxter Ventures can be contacted at [email protected]
Baxter International Inc. /quotes/zigman/219387/quotes/nls/bax BAX +0.27% , through its subsidiaries, develops, manufactures and markets products that save and sustain the lives of people with hemophilia, immune disorders, infectious diseases, kidney disease, trauma and other chronic and acute medical conditions. As a global, diversified healthcare company, Baxter applies a unique combination of expertise in medical devices, pharmaceuticals and biotechnology to create products that advance patient care worldwide.