Baxter International Inc. is splitting itself into two separate businesses — one focusing on biopharmaceuticals and the other on other medical products.
The biopharmaceuticals business includes treatments for hemophilia and other bleeding disorders and blood plasma therapies used to treat immune deficiencies and other problems. It had 2013 revenue of about $6 billion. The business will receive a name at a later date.
The medical products business includes a portfolio of intravenous solutions and nutritional therapies, drug delivery systems, anesthetics and surgery products. It had 2013 revenue of more than $9 billion. This business will keep the Baxter International name.
The separation is expected to be complete by mid-2015.
Baxter's stock rose more than 9 percent in Thursday premarket trading.