Northern Illinois-based Baxalta, which plans to trade on the New York Stock Exchange under the symbol BXLT, will see about $6bn in global revenues. Baxalta's pipeline is built on treatments related to bleeding disorders and immunology, and is expected to expand to address unmet medical needs in oncology, as well as gene therapy after purchasing Chatham Therapeutics for $70m.
As announced earlier, the new company will also focus on biosimilars and haemophilia treatments.
In an exclusive collaboration agreement, Baxter and Coherus Biosciences will develop and commercialize a biosimilar to etanercept for Europe, Canada, Brazil and certain other markets. Baxter may select additional products in the collaboration.
In addition, Baxter, which unloaded its vaccine business to Pfizer in July for $625m, signed a global licensing agreement with Cell Therapeutics to develop and commercialize pacritinib, a novel investigational JAK2/FLT3 inhibitor with activity against genetic mutations linked to myelofibrosis, leukemia and certain solid tumors.
After announcing the opening of a new recombinant protein center in Singapore to strengthen its haemophilia offerings, the company now maintains 18 manufacturing facilities in the US and its territories, including three in Puerto Rico, as well as sites in 29 other countries, including Australia, Austria, Belgium, Brazil, Canada, China, Colombia, France, Ireland and Italy.
Baxter said in a recent financial report that it also “remains committed to meeting patient demands by enhancing its plasma manufacturing footprint.”
The company completed planned modifications at an existing Los Angeles, California plasma fractionation facility in 2013 and continues to invest in a new manufacturing facility in Covington, Georgia to meet the growing demand for immunoglobulin and other plasma-based therapies.
A request for comment on how the new spinoff would leverage Baxter’s manufacturing sites was not returned by press time.
"The naming of Baxalta is the latest milestone on our journey to becoming a separate, independent company," said Ludwig Hantson, president of Baxter BioScience, who will be CEO of Baxalta. "The name Baxalta celebrates and sustains Baxter's heritage as an innovator with a legacy of leadership by incorporating the Baxter name and coupling it with 'alta,' which derives from altus, Latin for 'high' or 'profound.'”