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Baxter

This article was originally published in The Gray Sheet

Executive Summary

Acquisition of North American Vaccine announced Nov. 15 is valued at about $390 mil. The company has offered $7 per share, $6.97 in Baxter common stock and $0.03 cash for the 37 mil. shares of NAVA stock outstanding. Baxter also will assume $133 mil. in debt. In addition, BioChem Pharma has agreed to sell its 13.2-mil. share stake in NAVA to Baxter. Those shares are worth roughly $92 mil. under the deal, which brings NAVA's bacterial vaccine experience to Baxter's viral vaccine expertise. In addition, Baxter announces that CEO Harry Kraemer will assume the additional title of chairman following the retirement of Vernon Loucks on Dec. 31

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