Baxter to sell its BioPharma business for $4.25 billion to Advent International, Warburg Pincus as part of ‘transformation journey’

Shares of Baxter International Inc. BAX rose 1.2% in premarket trading Monday, after the health care products company announced an agreement to divest its BioPharma Solutions business to private-equity investor Advent International and Warburg Pincus. Under terms of the agreement, Baxter will receive $4.25 billion in cash, which the company plans to use to pay down debt. The company expects the deal, which is expected to close in the second half of 2023, to reduce fourth-quarter earnings by about 10 cents a share. “Today represents an important step in Baxter’s ongoing transformation journey as we continue to execute…