Baxter Expands Cancer Therapies With $900M Oncaspar Buy

By Maya Rajamani (May 12, 2015, 7:34 PM EDT) -- American health care company Baxter International Inc. will pay Italian company Sigma-Tau Finanziaria S.p.A. $900 million for blockbuster leukemia treatment Oncaspar and at least one other cancer drug still in development, and spin off the holding into a publicly traded subsidiary, the company said Tuesday.

With the acquisition, Baxter, which develops new therapies for cancer patients with blood cancers or solid tumors, said it will establish a separate, publicly traded biopharmaceutical company, to be called Baxalta Inc.

"Oncaspar is a strong strategic fit for our rapidly expanding oncology business, as it complements our research and development programs in hematologic cancers," Baxter...

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