Baxter International on Tuesday said it has agreed to buy a medicine to treat leukemia from an Italian company for $900 million, in a move to profit from the growing business of cancer therapies.
The medicine, Oncaspar, is primarily sold in the United States, Germany and Poland, and has about $100 million in annual sales, according to Baxter. The deal with Sigma-Tau Finanziaria is expected to close in the third quarter.
Baxter said it plans to finance the deal with cash held overseas and debt.
The medicine adds to Baxter’s oncology business that will be part of a new company, Baxalta, that Baxter plans to spin off this year.