Baxter buys Sigma-Tau's Oncaspar portfolio

US health care product company Baxter International (NYSE: BAX) has signed a definitive agreement to acquire the Oncaspar (pegaspargase) product portfolio from Italy-based Sigma-Tau Finanziaria.

The acquisition further accelerates the innovation capabilities and the commercial presence of Baxter BioScience in growing oncology markets for rare and orphan diseases.

Under the terms of the accord, Baxter gains the leading marketed biologic treatment Oncaspar, the investigational biologic calaspargase pegol, and an established oncology infrastructure with clinical and sales resources. The Oncaspar transaction is expected to close in the third quarter. By mid-year, Baxter expects to establish the BioScience business as a separate, publicly traded, innovation-oriented biopharmaceutical company, Baxalta Inc.