Feb. 23--Baxter International said Monday its spinoff pharmaceutical company Baxalta will be located in north suburban Bannockburn, not far from Baxter's headquarters in Deerfield.
"Selecting Baxalta's global headquarters is a key milestone on our journey to becoming a leading, independent biopharmaceutical company, and reaffirms our commitment to northern Illinois and our strong employee base here," said Ludwig Hantson, president of Baxter BioScience, who will be chief executive officer of Baxalta.
The spinoff is on track to be completed by midyear, Baxter said. A spokeswoman said that Baxter is not disclosing the cost of renovations and that the company did not receive financial incentives to locate Baxalta in Bannockburn.
Baxter estimates that Baxalta, which will continue to focus on rare conditions and chronic diseases, will have about $6 billion in revenue when it separates. Baxter is known for its hemophilia drugs and has expressed a desire to expand into oncology and gene therapy.
Baxalta plans to trade on the New York Stock Exchange under the symbol BXLT. Baxter will continue trading under the symbol BAX.
ehirst@tribpub.com
