Healthcare corporation Baxter International has established a new business, Baxter Ventures, to invest globally in medtech innovation.
Baxter Ventures will invest up to $200m in equity in early-stage companies developing therapies that complement Baxter’s portfolio.
The new business will focus on innovative medical technologies that promise sustainable long-term growth.
Baxter itself will continue to invest internally in R&D and to pursue business development initiatives and alliances.
Robert L. Parkinson, Jr., Chairman and CEO of Baxter, said: “As the company’s internal capabilities have advanced our late-stage pipeline, we have the capacity to further accelerate the early-stage development of essential therapies.”
Baxter Ventures will report to Dr Norbert Riedel, Baxter’s Chief Scientific Officer. “Baxter Ventures will allow us to provide companies with promising, early-stage technologies with the capital and expertise needed to drive successful innovation,” commented Dr Riedel.
“Through this additional investment, Baxter will expand its internal pipeline with the goal of further strengthening the company’s history of innovative ‘firsts’ in medical therapies.”
Baxter International is a diversified global healthcare company that brings together medical devices, pharmaceuticals and biotechnology to create solutions for patient care.