Baxter International Inc. reports that Baxalta Incorporated, the biopharmaceutical company that is expected to separate from Baxter in mid-2015, will be headquartered in Northern Illinois in Bannockburn, Illinois.

The long-term lease agreement for the approximately 260,000 square foot facility extends for more than a decade.

Upon completion of the separation, Baxalta will have approximately $6 billion in global revenues with a focus on treatments for bleeding disorders and immunology and is expanding to address unmet medical needs in niche areas of oncology, as well as technology platforms such as gene therapy.

Baxalta plans to trade on the New York Stock Exchange (NYSE) under the symbol BXLT. Baxter International will continue trading on the NYSE under the symbol BAX.

Source: Baxter International