Advent International, a global private equity investor, and Warburg Pincus, a global growth investor, completed their previously announced acquisition of Baxter International Inc.’s BioPharma Solutions (BPS) business.

The business will now be a standalone contract development and manufacturing organization (CDMO) operating under the name Simtra BioPharma Solutions and will continue to offer customers the same services and capabilities to support the supply of critical pharmaceutical products worldwide. Under the terms of the definitive agreement, Baxter received $4.25 billion in cash, subject to certain closing adjustments.

Simtra will operate as a provider of sterile contract manufacturing solutions, parenteral delivery systems and customized support services to the pharmaceutical and biotech industries. In partnership with Advent and Warburg Pincus, Simtra will become a fully independent CDMO providing a range of services for clients, from clinical development to commercial fill/finish. The Simtra team of approximately 1,700 employees will continue to operate manufacturing sites in Bloomington, IN and Halle, Germany, and the new company will establish a corporate headquarters in NJ.

“I am thrilled to lead Simtra through this exciting time, augmenting the strong legacy that the team has built as part of Baxter,” said Franco Negron, CEO of Simtra. “I look forward to collaborating with Advent and Warburg Pincus – two highly experienced investors within the healthcare space – to continue to grow Simtra’s mission-critical services across a variety of therapeutic areas. I am committed to delivering exceptional quality, service, and technical capabilities for our global customer-base, and am excited to partner with our dedicated Simtra team members as we begin this new chapter.”

“Companies across the pharmaceutical and biotech industries rely on Simtra for the premier contract manufacturing services and support services it provides,” said John Maldonado, a managing partner at Advent. “In partnership with Franco, the Simtra leadership team, and Warburg Pincus, we will strive to build on Simtra’s specialized capabilities and drive further product expansion that will ultimately benefit more patients with critical needs.”