Pfizer and Baxter have entered into a definitive agreement under which Pfizer will acquire Baxter’s portfolio of marketed vaccines for $635m.

Pursuant to the terms of the agreement, Pfizer will also acquire a portion of Baxter’s facility in Orth, Austria, where the vaccines are manufactured.

Baxter’s portfolio of marketed vaccines includes NeisVac-C, which helps protect against meningitis caused by group C meningococcal meningitis, and FSME-IMMUN/TicoVac, which aids in the prevention of tick-borne encephalitis.

According to Pfizer, FSME-IMMUN/TicoVac is approved in 30 countries and has been marketed for more than 30 years, with approximately 120 million doses produced since 1976.

"Through this acquisition, we will add two high-quality and life-saving vaccines that bring scale and depth to our portfolio."

The two vaccines are currently available outside the US, primarily in a number of European markets.

Pfizer Vaccines president Susan Silbermann said: "Vaccines make a tremendous and valuable impact on public health around the world. They have significantly reduced the threat of widespread and often fatal diseases and every day people of all ages benefit from safe and effective vaccines.

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"For over a decade Pfizer has been the global leader in pneumococcal disease prevention. We are working hard to bring innovative vaccines to market that prevent and treat serious diseases.

"Through this acquisition, we will add two high-quality and life-saving vaccines that bring scale and depth to our portfolio."

Subject to customary closing conditions and regulatory approvals in several markets, the transaction is expected to close by the end of this year.

Kirkland & Ellis served as the legal advisor to Pfizer, while Credit Suisse Securities (USA) served as the financial advisor for the company in this transaction.

Image: Pfizer world headquarters. Photo: courtesy of Jim.henderson.