DEERFIELD, Ill. (AP) -- Baxter Healthcare, the principal unit of medical device maker Baxter International Inc., said Monday it licensed an antibiotic surgical implant sponge from privately held Innocoll Inc.
The gentamicin implant is a biodegradable antibiotic surgical sponge used to prevent and treat surgical site infections. It is still going through a clinical trial program in the United States, but is sold in Europe, Latin America, the Middle East, Africa and Asia.
Under the deal, Baxter said it will pay a license fee and make future clinical, regulatory and commercial milestone payments. The company will also pay for some of Phase III clinical trial and regulatory costs.
Baxter expects to record a charge of $12 million for in-process research and development in the third quarter.
