Baxter International Inc. (NYSE:BAX) agreed to spin off Renal care and acute therapies global business units on January 6, 2023. The Baxter Board of Directors authorized the company to proceed with a plan to spin off the Renal Care and Acute Therapies businesses into an independent, publicly traded company through a distribution to Baxter shareholders of common stock of a newly formed entity. Transaction is subject to the satisfaction of customary conditions, including obtaining financing, regulatory and final approval from the Baxter Board of Directors.

Baxter expects to complete the proposed spinoff in 12 to 18 months. As of May 5, 2023, Baxter International Inc. announced it has selected Chris Toth to be Chief Executive Officer of the company?s planned spinoff of its Renal Care and Acute Therapies businesses. The transaction is expected to close by July 2024 or earlier.

As of July 26, 2023, Renal care and acute therapies global business will be named Vantive. Perella Weinberg Partners LP and J.P. Morgan are serving as financial advisors to Baxter. Frank Aquila and Melissa Sawyer of Sullivan & Cromwell LLP is serving as legal advisor to Baxter.