Baxter invests $45M in Rockwell Medical
- Baxter International is buying exclusive rights to Rockwell's hemodialysis concentration drugs for $45 million.
- The graduated payments will start with a $20-million cash payment and a $15-million investment in the company.
- Baxter is a larger company than Rockwell. Rockwell will benefit from the capital infusion by being able to continue to grow its hemodialysis concentrates business, augment its portfolio of other drugs and launch new medications.
Rockwell's ambitions are being fueled by the opportunity to out-license its hemodialysis concentrates products. At the moment, Rockwell is waiting for an FDA decision on its new bone marrow drug, Triferic, which was developed to deliver iron to patients non-invasively. A decision is expected by January 24. Rockwell Medical has traded in a 52-week range of $8.66 to $15.85 and opened at $10.50 this morning.