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Baxter To Acquire Seprafilm Adhesion Barrier, Related Assets From Sanofi

Medical products company Baxter International Inc. (BAX) agreed Monday to acquire Seprafilm Adhesion Barrier and related assets from French drug maker Sanofi (SNYNF,SNY) to expand its advanced surgery portfolio. This acquisition is part of Baxter's strategy to acquire products that are a strong fit with its leading hemostat and sealant portfolio for optimized patient care in the operating room.

The transaction contemplates a cash purchase price at closing of $350 million and is expected to close no later than the first quarter of 2020, following satisfaction of closing conditions.

While Seprafilm is clinically recognized among surgeons globally, Baxter plans to provide commercial support for the product through its dedicated surgery salesforce and pursue opportunities for expansion in certain countries.

Seprafilm currently has a global commercial presence including sales in the U.S., Japan, China, South Korea and France, among others. Sales of the proposed acquired products are expected to be approximately $100 million in the 12 months following close.

Seprafilm Adhesion Barrier is indicated for use in patients undergoing abdominal or pelvic laparotomy as an adjunct intended to reduce the incidence, extent and severity of postoperative adhesions.

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