Baxter signs $4.25B deal to sell BioPharma Solutions to Advent/Warburg; CFO Saccaro resigns

On May 4, 2023, Mr. James K. Saccaro notified the Company of his decision to resign as the Company’s Executive Vice President and Chief Financial Officer (“ CFO ”), effective as of May 31, 2023, to join a company in the heathcare industry.

Brian C. Stevens, the Company’s Senior Vice President, Chief Accounting Officer and Controller, will assume the role of interim CFO on such date (or such earlier date, in the event Mr. Saccaro were to resign or otherwise stop serving in his role as CFO, the “ Commencement Date ”)) and also continue to serve in his current role while the Company undertakes an executive search process for a permanent CFO.

On May 6, 2023, the Board of Directors of the Company approved an amendment and restatement of the Company’s Amended and Restated Bylaws (the “ Amended and Restated Bylaws ”) in order to streamline the provisions relating to the appointment of officers by simplifying the description of duties for certain positions in Article IV and making certain other conforming changes.

On May 8, 2023, Baxter International Inc. (the “ Company ”), Baxter Healthcare Corporation, a Delaware corporation, Baxter Deutschland Holding GmbH, a German limited liability company, and Gambro Dialysatoren GmbH, a German limited liability company, each a subsidiary of the Company, entered into an Equity Purchase Agreement (the “ Purchase Agreement ”) with Bamboo US BidCo LLC, a Delaware limited liability company, and Blitz 23-317 GmbH, a German limited liability company (collectively, “ Buyer ”) to sell all issued and outstanding limited liability company interests of Baxter Pharmaceutical Solutions LLC (“ BPS ”) and all issued and outstanding equity interests of Baxter Oncology GmbH (“ BOG ” and together with BPS, the “ Divested Entities ”) to Buyer for an aggregate purchase price of $4.25 billion in cash