Advent International Corporation and Warburg Pincus LLC signed a definitive agreement to acquire Baxter Pharmaceutical Solutions LLC from Baxter International Inc. (NYSE:BAX) for $4.3 billion on May 8, 2023. Baxter Pharmaceutical Solutions (BPS) will operate as a premier, independent end-to-end contract development and manufacturing organization (CDMO) providing a range of services for clients, from clinical research to commercial deployment. The transaction is subject to receipt of customary regulatory approvals and satisfaction of other customary closing conditions. The transaction is expected to close in the second half of 2023. Baxter intends to utilize the after-tax proceeds to reduce its debt, consistent with the company's stated capital allocation priorities.

Perella Weinberg Partners acted as financial advisor and Sullivan & Cromwell acted as legal advisor to Baxter. Moelis & Company LLC and Truist Securities acted as financial advisors and Cleary Gottlieb Steen & Hamilton and Annie Sipe and Christian Westra, Matt Richards, Andrea Hwang, Byung Choi, David Saltzman and Adam Greenwood, Annie Herdman, Ruchit Patel, Samer Musallam, Jim Dowden, Lincoln Tsang, Gregory Levine, Amanda Austin and Alison Fethke of Ropes & Gray acted as legal advisors to Advent and Warburg Pincus.