Hill-Rom Holdings, Inc.
2021
$10.5B
Baxter International
Medical DevicesFounded 1931- HQ today: Deerfield, Illinois, United States
Reviewed by Swet Parvadiya
Company data updated: November 2026
Acquisitions
Baxter International Acquisitions
4
Major Deals Covered
$11.7B
Disclosed Deal Value
What are Baxter International's biggest acquisitions?
Baxter International's largest disclosed acquisition here is Claris Injectables for $629 in 2017. This page covers 4 major deals from 2017 to 2021, each with its price where disclosed and the reason behind it.
- Major deals covered
- 4
- Largest deal
- Claris Injectables ($629)
- First deal
- 2017
- Most recent
- 2021
| Company | Year | Price | Purpose |
|---|---|---|---|
| 2021 | Undisclosed | Transformative connected hospital acquisition adding smart hospital beds, patient handling, and Welch Allyn diagnostics. | |
| 2020 | Undisclosed | Surgical biosurgery asset preventing post-operative abdominal and pelvic tissue adhesions. | |
| 2017 | Undisclosed | Global generic injectable pharmaceuticals manufacturer expanding sterile critical care drug portfolio. | |
| 2019 | Undisclosed | Non-invasive hemodynamic patient monitoring technology for critical care units. |
- What companies has Baxter International bought?
- Major acquisitions by Baxter International documented here include Claris Injectables (2017), Seprafilm Adhesion Barrier (2020), Cheetah Medical (2019) and Hill-Rom Holdings, Inc. (2021).
- What is Baxter International's most recent acquisition?
- The most recent Baxter International acquisition documented here is Hill-Rom Holdings, Inc., in 2021, for $10.5.
Seprafilm Adhesion Barrier
2020
$350M
Cheetah Medical
2019
$190M
Claris Injectables
2017
$629M
Baxter International's Growth & Acquisition Strategy
Under CEO José Almeida, Baxter is executing four key growth initiatives: (1) Accelerating Novum IQ Smart Infusion Platform Placements: Commercializing the next-generation Novum IQ large-volume and syringe infusion pump ecosystem, featuring Dose IQ safety software and automated EMR interoperability; (2) Expanding Connected Hospital & Smart Bed Penetration: Integrating Centrella smart hospital beds with Voicera communication badges and hospital EMRs to automate continuous clinical surveillance; (3) Expanding Biosurgery & Specialty Injectables: Accelerating international sales of FLOSEAL and TISSEEL surgical sealants across outpatient surgical centers; and (4) Portfolio Simplification & Operational Margin Expansion: Realizing post-separation cost synergies following the Vantive kidney care carve-out to expand adjusted operating margins toward 18%.
How Baxter International Makes Money
Baxter International operates an essential, high-volume hospital consumable and medical capital equipment business model: (1) Intravenous Fluids & Drug Delivery Consumables (~35% of revenue / ~$5.1B), manufacturing billions of flexible VIAFLEX plastic bags containing normal saline, dextrose, lactated Ringer's, and premixed IV medications delivered daily to hospitals worldwide; (2) Connected Hospital Systems & Hillrom Furniture (~21% of revenue / ~$3.1B), selling Centrella smart hospital beds, Progressa ICU therapy beds, and integrated surgical tables with continuous patient weight and fall-prevention sensors; (3) Specialty Injectable Pharmaceuticals (~16% of revenue / ~$2.4B), monetizing volatile inhaled general anesthetics (Sevoflurane, Desflurane) and critical care injectable drugs; (4) Front Line Diagnostic Care (~9% of revenue / ~$1.3B), manufacturing Welch Allyn blood pressure monitors, otoscopes, and physical diagnostic instruments; and (5) Advanced Surgery Biosurgery (~8% of revenue / ~$1.2B), supplying FLOSEAL gelatin-thrombin hemostatic matrices that arrest active surgical bleeding in operating rooms. Baxter generates gross margins near 42% and over $1.7 billion in operating cash flow.
Baxter International Acquisitions FAQ
What is Baxter International's general approach to M&A and acquisitions?
Baxter International pursues a disciplined, strategic M&A approach focused on acquiring proprietary technologies, expanding customer distribution reach, and unlocking operational cost synergies rather than pursuing unselective scale.
What were some of the most transformative acquisitions completed by Baxter International?
Transformative transactions in Baxter International's history include pivotal mergers and acquisitions that secured key regional footprints, consolidated core market share, and brought proprietary software intellectual property in-house.
How does Baxter International successfully integrate acquired companies?
Baxter International deploys dedicated integration teams to harmonize core software stacks, align regulatory compliance systems, and unite company cultures while preserving entrepreneurial agility.
Does Baxter International divest non-core corporate assets?
Yes, Baxter International periodically evaluates its corporate portfolio, strategically divesting non-core or non-strategic assets to redeploy capital into high-margin core operational divisions.
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