Baxter establishes new venture for early-stage developments
29 July 2011 00:00 in Pharmaceutical Company Restructures
Baxter has announced the launch of a new business unit that will be dedicated to supporting the development of promising new therapies.
The Baxter Ventures unit will have the capacity to invest up to $200 million (122.9 million pounds) in equity towards companies conducting early-stage research in areas that complement Baxter's portfolio.
Reporting to chief scientific officer Dr Norbert Riedel, Baxter Ventures will have a global remit and will focus on innovative technologies with sustainable long-term growth prospects.
This will ultimately help Baxter to expand its own product pipeline and position it to offer a wider selection of medical therapy "firsts".
Robert Parkinson Jr, chairman and chief executive officer of Baxter, said: "Baxter's mission is to apply innovative science to develop therapies and medical technologies that save and sustain patients' lives."
Last week, the company reported its financial results for the second quarter of 2011, during which the firm saw an 11 percent growth in worldwide sales.
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