Becton Dickinson (NYSE:BDX) said today it agreed to divest itself of its minority stake in respiratory solutions joint venture Vyaire Medical to joint manager Apax Partners in a deal worth $435 million.

The sale will put Vyaire Medical, which Apax and BD formed in 2016 around BD’s ventilation, respiratory diagnostics, vital signs and AirLife businesses, under direct control by the Apax Funds.

“Since the Apax Funds acquired a majority stake in Vyaire Medical in October 2016, strong progress has been made by the business. A new senior management team led by CEO Dave Mowry has established key functions, delivered operational improvements, upgraded commercial capabilities and made two accretive acquisitions. It was on the basis of this progress, and the promise that we continue to see for the business, that we sought to acquire BD’s minority stake. We would like to thank the BD team for being excellent partners and supporting the company through its history,” Apax Partners partner Steven Dyson said in a press release.

Franklin Lakes, N.J.-based BD said it expects the deal to close by the end of April, and that it expects to record a gain on the transaction at the time of closing, according to a press release.

Vyaire Medical brings in approximately $800 million in annual sales, according to Apax Partners, and is currently active in manufacturing and distributing respiratory and anesthesia and surgical consumables as well as capital equipment for respiratory diagnostics and ventilation.

“We are pleased with the progress our team has achieved over the past 18 months in establishing Vyaire Medical as a focused and leading global respiratory solutions provider with the objective of improving patient outcomes and increasing value for our customers. Our success in standing up Vyaire Medical as an independent company also has been made possible by the support of BD and the contributions from Apax Partners, which has provided our team with a range of capabilities, including the expertise from its Operational Excellence team of dedicated functional specialists,” Vyaire prez & CEO Dave Mowry said in a prepared statement.

Earlier this month, Becton Dickinson said it closed a $460.7 million offer to repurchase outstanding 3% notes due 2026.