Advent International, one of the largest global private equity investors, and Warburg Pincus, a leading global growth investor, have signed a definitive agreement to acquire the BioPharma Solutions business (BPS) of leading global medtech company Baxter International.


BPS will operate as a premier, independent end-to-end CDMO providing a range of services for clients, from clinical research to commercial deployment. The proposed transaction includes manufacturing facilities in Bloomington, Indiana and Halle, Germany, comprising approximately 1,700 employees.


Under the terms of the definitive agreement, Baxter will receive US Dollar 4.25 billion in cash, subject to certain closing adjustments. The transaction is expected to close in the second half of 2023, subject to receipt of customary regulatory approvals and satisfaction of other customary closing conditions.

 

Hengeler Mueller Team for Advent International and Warburg Pincus


Corporate/M&A: Elisabeth Kreuzer, Daniel Wiegand (both partners, both lead), Maximilian Mayer, Lena Böhringer (all Munich), Toni Kuosmanen-Hesselgren (Frankfurt, all associates),


Tax: Matthias Scheifele (partner), Tobias Schwab, Isabella Zimmerl (both associates, all Munich),


Employment: Hendrik Bockenheimer (partner), Selina Rohr (associate, both Frankfurt),


Healthcare: Wolfgang Spoerr (partner), Erasmus Hoffmann (counsel, both Berlin), Carolin Raspé (counsel, Munich),


Regulatory/FDI: Jan D. Bonhage (partner), Anton O. Petrov, Roman Pascal Kalin (all Berlin), Thomas Ruthemeyer (Dusseldorf, all associates),


Financing: Daniela Böning, Johannes Tieves (both partners, Frankfurt), Fabian Berdin (associate, Berlin),


IP/IT: Matthias Rothkopf (counsel, Dusseldorf), Patrick M. Schmidt (associate, Frankfurt),


US law: Cleary Gottlieb Steen & Hamilton and Ropes & Gray.