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Baxter International Medical Device Company Intelligence Report

  • January 2013
  • -
  • Espicom Business Intelligence
  • -
  • 39 pages

Baxter International Inc develops, manufactures and markets products for the treatment of haemophilia, immune disorders, infectious diseases, kidney disease, trauma and other chronic and acute medical conditions. The company applies a combination of expertise in medical devices, pharmaceuticals and biotechnology.

Prior to 2011, Baxter operated under three business segments: BioScience, Medication Delivery and Renal. As of 1st January 2011, the company combined its Medication Delivery and Renal businesses into a single global business unit to form the Medical Products business.

Medical Products – manufactures intravenous (IV) solutions and administration sets, premixed drugs and drug-reconstitution systems, prefilled vials and syringes for injectable drugs, IV nutrition products, infusion pumps and inhalation anaesthetics. The business also provides products and services related to pharmacy compounding, drug formulation and packaging technologies. In addition, the Medical Products business provides products and services to treat end-stage renal disease. The business manufactures solutions and other products for peritoneal dialysis (PD), a home-based therapy, and distributes products for haemodialysis.

BioScience – processes recombinant and plasma-based proteins to treat haemophilia and other bleeding disorders; plasma-based therapies to treat immune deficiencies, alpha 1-antitrypsin deficiency, burns and shock, and other chronic and acute blood-related conditions; products for regenerative medicine, such as biosurgery products; and vaccines. In March 2010, Baxter acquired ApaTech, which provided the company with immediate entry into the emerging bone fusion field.

This profile primarily concentrates on Baxter’s medical device activities.

In December of 2012, Baxter entered into a definitive agreement to acquire privately-held Gambro, for total consideration approximately US$4.0 billion. Gambro is a global medical technology company focused on developing, manufacturing and supplying dialysis products and therapies for patients with acute or chronic kidney disease. The acquisition will give Baxter a comprehensive dialysis product portfolio, complementing its existing home dialysis offerings.

It is believed that the transaction will provide a number of long-term growth opportunities for Baxter worldwide. With a broad and complementary dialysis product portfolio, Baxter can accelerate product sales in established markets such as Europe, where Gambro has an extensive footprint. Baxter can also expand Gambro's reach in high-growth regions of Latin America and Asia-Pacific, where Baxter has steadily grown its peritoneal dialysis business. In addition, Baxter will also build upon its pipeline of investigational home haemodialysis and automated PD systems with the addition of Gambro's monitors, dialysers, devices and dialysis systems.

In January 2012, Baxter rejected an unsolicited mini-tender offer by TRC Capital Corporation to purchase up to two million shares, or approximately 0.35%, of Baxter’s outstanding common stock at a price of US$46.10 per share in cash. The offer price was 4.67% below the US$48.36 closing price of Baxter’s common stock on 15th December 2011, the day prior to the offer.

Baxter has approximately 48,500 employees and conducts business in over 100 countries. In 2011, the company reported revenues of US$13.89 billion, of which approximately 59% were generated outside of the US. Baxter maintains manufacturing and distribution facilities in a number of locations in the US, Europe, Canada, Asia-Pacific and Latin America.

In Business Monitor International’s list of top ten US medical device manufacturers 2006-2011, Baxter was ranked in fourth position, behind Johnson & Johnson, GE and Medtronic.

Table Of Contents

Baxter International Medical Device Company Intelligence Report
Table of Contents

OVERVIEW .1

STRATEGIC FOCUS 3

Product Approvals and Launches .3
Other Developments 3
Espicom View 4

FINANCIAL REVIEW .5

2011 Financial Results . 5
Medical Products Division 8
Renal 8
Global Injectables 9
IV Therapies .9
Infusion Systems 9
Anaesthesia .9
BioScience Division 10
Recombinants .10
Plasma Proteins .10
Antibody Therapy 11
Regenerative Medicine 11
Other 11
Five-Year Financial Data 12
Outlook 13
Employees 13
PRODUCTS .14
Medical Products 14
Medication Delivery 14
Renal 16
Peritoneal Dialysis (PD) Solutions .16
Automated Peritoneal Dialysis (APD) and Continuous Ambulatory Peritoneal Dialysis (CAPD) Products 17
HD Products .17
CRRT 17
BioScience 18
Regenerative Medicine 18
BioSurgery 18

RESEARCH AND DEVELOPMENT 20

RandD Focus 20
RandD Expenditure 21
Trials and Studies 22
Research Agreements 23
MaRS Innovation .23
Kuros Biosurgery 23

MANUFACTURING AND DISTRIBUTION 24

AGREEMENTS . 26

AWAK Technologies 26
Medgenics 26
Nikkiso 27
Angiotech Pharmaceuticals .27
Innocoll Pharmaceuticals 27
Nycomed .28
Pfizer 28
DEKA Research and Development and HHD .28
Intercytex (now Healthpoint) .29
Spinal Restoration 29

MERGERS AND ACQUISITIONS . 30

Gambro AB .30
SIGMA International 31
Synovis Life Technologies 31
Baxa 32
ApaTech 32
Assets Relating to Edwards Lifesciences' CRRT Product Line .32
Willow Healthcare Services 33
MAAS Medical 33

MINORITY INVESTMENTS 34

AWAK Technologies 34

DIVESTITURES 35

Transfusion Therapies Business .35
Disposable Airway Management Business 36
Renal Service Businesses 36

JOINT VENTURES 37

Guangzhou Baxter Qiaoguang Healthcare .37
Eczacibasi Baxter Hospital Supply Products Company 37

LITIGATION 38

Fresenius .38
Peritoneal Dialysis Litigation 38
Haemodialysis Litigation 38

KEY CORPORATE EVENTS . 39

Recent Key Events .2
Baxter - Annual Financial Results, 2007-2011 5
Baxter - Annual Net Sales by Business Segment and Geographic Area, 2009-2011 .6
Baxter Medical Products Division - Annual Net Sales, 2009-2011 .8
Baxter BioScience Division - Annual Net Sales, 2009-2011 10
Baxter - Five-Year Financial Summary 12
Baxter - Summary of Medical Products .15
Market Position of Major Renal Product Groups, 2011 16
Baxter - Summary of Renal Products .17
Baxter - Annual RandD Expenses, 2007-2011 21
Baxter's Principal Manufacturing Facilities by Segment, December 2011 24
Agreements Summary 26
Mergers and Acquisitions Summary 30
Divestitures Summary .35



List of Charts

Baxter - Annual Net Sales and Operating Income, 2007-2011 .5
Baxter - Annual Sales by Business Sector, 2009-2011 .6
Baxter - Annual Sales by Geographic Area, 2009-2011 7
Baxter Medical Products Division - Annual Net Sales by Product Sector, 2009-2011 .8
Baxter BioScience Division Sales by Product Sector, 2009-2011 .10
Baxter - 2011 Sales of Medical Products 14
Baxter - 2009-2011 Renal Product Sales 17
Baxter - 2011 BioScience Product Sales 19
Baxter - Summary of BioSurgery Products 19

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