Degussa Sells Oncology Business to Baxter

08-Aug-2001

In line with its consistent focus on specialty chemicals, Degussa AG of Dusseldorf has sold ASTA Medica Onkologie GmbH & Co. KG to Baxter Healthcare S.A., a Swiss subsidiary of Baxter International, Inc., Deerfield/Illinois, USA, for a purchase price of Euro 525 million. The parties agreed on confidentiality with regard to further contract details. The transaction – which is still subject to approval by the respective antitrust authorities in Germany and the USA – will presumably be finalized before the end of the year. In addition to Health Products and Zentaris AG, ASTA Medica oncology is a primary field of business at the Degussa subsidiary ASTA Medica. Degussa already sold AWD.pharma, the fourth ASTA Medica activity, to the Croatian company PLIVA in mid-June. Thus the new Degussa will have sold within about six months the equivalent of more than 70 percent of approximately Euro 6.5 billion, the total turnover of the operations from which it is parting company as part of its focusing strategy. Prof. Dr. Utz-Hellmuth Felcht, Management Board Chairman of Degussa: "The well-directed restructuring of ASTA Medica which we carried out last year has borne further fruit: Following the sale of AWD.pharma in June of 2001, we were now able to sell our very well-positioned oncology business to one of the world's leaders on the market for medical technology and pharmaceuticals, a company that will do an outstanding job in advancing the development of the business that we have pursued up to now." With a workforce of some 880 employees, the oncology business at ASTA Medica generated sales of around Euro 150 million in fiscal 2000. It has an established product portfolio combined with a strong brand profile. In the research and development area the oncology division relies on a focused pipeline with projects in the advanced stage of development. This well-directed strategy is rounded off by solid international marketing competence. Within the scope of our restructuring measures the company's sales structures were consistently focused on growth markets.

https://www.chemeurope.com/en/news/4212/degussa-sells-oncology-business-to-baxter.html