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Jul 30, 2014

Booster Shots: Pfizer Acquiring Two Baxter Vaccines for $635M

  • Pfizer agreed to acquire Baxter International’s two vaccines commercially marketed outside the U.S., and a related production facility for $635 million, the companies said today, as the seller prepares to spin out its biopharma business as part of a plan to split the drug-device giant into two separate companies.

    The vaccines consist of NeisVac-C, designed to protect against meningitis caused by group C meningococcal meningitis (MenC); and FSME-IMMUN, designed to protect against tick-borne encephalitis (TBE). Both vaccines are currently available outside the U.S., primarily in a number of European markets.

    “Through this acquisition, we will add two high-quality and life-saving vaccines that bring scale and depth to our portfolio,” Pfizer Vaccines President Susan Silbermann said in a statement.

    As part of the deal, Pfizer also agreed to buy a portion of Baxter’s facility in Orth, Austria, where the vaccines are manufactured.

    Pfizer’s vaccine portfolio is anchored by its Prevnar family, which generated $3.974 billion in sales last year, down 3.5% from 2012; and $2.024 billion in the first six months of this year, up 7%. The company generates additional vaccine revenue, within a reporting category that includes revenues from oncology drugs; that category saw an additional $93 million in 1H 2014, up 19% from a year earlier.

    The acquisition is among moves designed to grow Pfizer’s vaccine business. Earlier this year, Pfizer won approval in Japan for Prevenar 13, indicated for adults 65 years of age and older for the prevention of pneumococcal disease caused by 13 S. pneumoniae serotypes covered by the vaccine. And in June, Pfizer said it submitted a BLA to the FDA for rLP2086, the company’s vaccine candidate for the prevention of invasive meningococcal disease caused by Neisseria meningitidis serogroup B in 10 to 25 year olds.

    Baxter said it expects 2014 its vaccines revenues to total about $300 million and account for adjusted earnings of approximately 25 cents per diluted share. Baxter’s figures include approximately $50 million of one-time milestone payments related to its ongoing government collaborations for development of influenza vaccines.

    Baxter said it expects the transaction to be “modestly” dilutive to fourth quarter 2014 adjusted earnings, and dilutive to 2015 adjusted earnings by approximately 15 cents per diluted share.

    Pfizer said it did not expect the acquisition to affect its 2014 financial guidance to investors, which was updated yesterday with a lowered revenue estimate due to multiple generic competitors to Celebrex expected to reach the market starting in December.


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