NEW YORK (AP) -- Edwards Lifesciences Corp. said Tuesday it sold a line of kidney filtration products to Baxter International Inc. in a deal worth up to $65 million.
Baxter, of Deerfield, Ill., will pay $56 million in cash upfront for the product line. Edwards could also receive up to $9 million more in the next two years depending on product sales.
The devices are called hemofiltration products, or continuous renal replacement therapy. They work 24 hours a day and are intended to aid patients with kidney ailments by gradually filtering out waste and fluid from the kidneys.
The deal is expected to close in the third quarter, and about 60 Edwards employees will join Baxter as part of the deal. Irvine, Calif.-based Edwards said the sale does not change its 2009 profit outlook.
In morning trading, Edwards shares dipped 31 cents to $65.34, and Baxter stock added 8 cents to $50.55.