DEERFIELD, Ill. (AP) -- Baxter International Inc. said Friday it is selling its U.S. generic injectables business to Hikma Pharmaceuticals PLC for about $112 million.
Baxter said the sale will allow the company to redirect resources toward its proprietary, enhanced packaging offerings and formulation technologies.
Baxter expects to record a charge of 12 cents a share for the third quarter to write down the assets. Baxter last week reported that its third-quarter net income rose to $595 million, or $1.01 per share, from $530 million, or 87 cents per share, a year ago.
In the deal, London-based Hikma will acquire Baxter's generic injectable products which include chronic pain treatments and anti-infectives. It will also acquire a Baxter manufacturing facility, warehouse, and a distribution center. About 750 employees will transfer as part of the deal.
Baxter said the sale will allow the company to redirect resources toward its proprietary, enhanced packaging offerings and formulation technologies.
Baxter expects to record a charge of 12 cents a share for the third quarter to write down the assets. Baxter last week reported that its third-quarter net income rose to $595 million, or $1.01 per share, from $530 million, or 87 cents per share, a year ago.
In the deal, London-based Hikma will acquire Baxter's generic injectable products which include chronic pain treatments and anti-infectives. It will also acquire a Baxter manufacturing facility, warehouse, and a distribution center. About 750 employees will transfer as part of the deal.
