NEW YORK — Pfizer on Wednesday announced that it has entered into a definitive agreement to acquire Baxter International’s portfolio of marketed vaccines for $635 million. As part of the transaction, Pfizer will also acquire a portion of Baxter’s facility in Orth, Austria, where these vaccines are manufactured.
“For [more than] a decade, Pfizer has been the global leader in pneumococcal disease prevention," said Susan Silbermann, Pfizer Vaccines president. "We are working hard to bring innovative vaccines to market that prevent and treat serious diseases. Through this acquisition, we will add two high-quality and life-saving vaccines that bring scale and depth to our portfolio.”
Baxter’s portfolio of marketed vaccines consists of NeisVac-C and FSME-IMMUN/TicoVac. NeisVac-C is a vaccine that helps protect against meningitis caused by group C meningococcal meningitis. This serious infection of the membrane covering the brain may be fatal in roughly 10% to 15% of patients and 30% to more than 50% of survivors may suffer from severe physical, social and mental damage. MenC is one of the most prevalent meningococcal serogroups in many parts of the world and vaccination with NeisVac-C has been shown to be highly effective.
FSME-IMMUN/TicoVac is a vaccine that helps protect against tick-borne encephalitis, an infection of the brain, which is transmitted by the bite of ticks infected with the TBE-virus. Every year, the TBE virus causes thousands of cases of neuroinvasive illness in humans across Europe and Asia and is a growing public health concern in Europe and other parts of the world3. FSME-IMMUN/TicoVac is approved in 30 countries and has been marketed for over 30 years with approximately 120 million doses produced since 1976.
The transaction is subject to customary closing conditions as well as regulatory approvals in several markets, including some countries in the European Union, and is expected to occur by the end of 2014.
Pfizer’s legal advisor for the transaction was Kirkland & Ellis and Credit Suisse Securities served as the financial advisor.