Baxter (NYSE:BAX) said today that it will buy the Seprafilm adhesion barrier and related assets from Sanofi (NYSE:SNY) in what is expected to be a $350 million deal.
The purchase is expected to close no later than the first quarter of 2020. A Bloomberg report in October hinted that a deal might be in the work.
“While Seprafilm is clinically recognized among surgeons globally, we plan to provide commercial support for the product through our dedicated surgery salesforce and pursue opportunities for expansion in certain countries,” Wil Boren, general manager of Baxter’s Advanced Surgery business, said in a news release.
Adhesions occur when scar tissue develops and binds to nearby tissue; they’re a major source of post-surgery complications. Seprafilm is indicated for adhesions in people undergoing abdominal or pelvic laparotomy.
Baxter expects to sell about $100 million of Seprafilm products in the 12 months after the deal close. Sanofi has been selling Seprafilm in countries including the U.S., Japan, China, South Korea and France.