BioPharma Solutions plans new debt for buyout by Advent and Warburg

By Sara Rosenberg

New York, May 9 – BioPharma Solutions has received a commitment for new debt financing to help fund its acquisition by Advent International and Warburg Pincus from Baxter International Inc., according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

Other funds for the transaction will come from equity.

Under the agreement, Baxter will receive $4.25 billion in cash, subject to certain closing adjustments, with net after-tax proceeds currently estimated to be approximately $3.4 billion.

Baxter intends to use the after-tax proceeds to reduce its debt.

Closing is expected in the second half of this year, subject to regulatory approvals and other customary conditions.

Moelis & Co. LLC and Truist Securities Inc. are serving as financial advisers to Advent and Warburg Pincus. Perella Weinberg Partners is serving as financial adviser to Baxter.

BioPharma Solutions is a provider of sterile contract manufacturing solutions, parenteral delivery systems and customized support services to the pharma and biotech industries.

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