Baxter Decides on Baxalta as New Name for Biopharma Business
Baxter International Inc. has announced that Baxalta Incorporated will be the name of the new, publicly traded biopharmaceutical company that is expected to launch in mid-2015. In March 2014, Baxter announced that it planned to create two separate, independent global healthcare companies:one focused on developing and marketing biopharmaceuticals and the other on medical products.
Upon completion of the separation, 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. As previously announced, the corporate headquarters of both companies will be located in northern Illinois. The Baxalta logo and full visual identity will be unveiled at a later date.
“The naming of Baxalta is the latest milestone on our journey to becoming a separate, independent company,” said Ludwig Hantson, Ph.D., president of Baxter BioScience, who will be chief executive officer of Baxalta, in a company release. “The name Baxalta celebrates and sustains Baxter’s heritage as an innovator with a legacy of leadership by incorporating the Baxter name and coupling it with ‘alta,’ which derives from altus, Latin for ‘high’ or ‘profound.’ Both companies share a deep commitment to meeting the needs of current and future patients, which will continue to inspire us going forward.”
Baxalta will have approximately $6 billion in global revenues and be a provider of therapeutic treatments that target rare conditions, chronic diseases, or where there are limited treatment options. Baxalta’s pipeline is built on a legacy of treatments for bleeding disorders and immunology, and it is expanding to address unmet medical needs in niche areas of oncology as well as technology platforms such as gene therapy.