Baxter to Buy Most of Wyeth’s ESI Unit

Baxter International Inc., the largest maker of blood treatments, agreed to buy the majority of Wyeth’s ESI Lederle unit for about $305 million in cash to gain sales of generic injectable drugs.

Baxter also would gain a 330,000-square-foot factory in Cherry Hill, N.J., and about 1,000 workers, including manufacturing, research, sales and marketing employees. Wyeth would leave the generic drug business with the sale of the injectable medicines unit, a spokesman said.

The acquisition would add to Baxter’s earnings starting in 2004, the company said. Baxter would acquire generic injectable blood thinners, anesthesia and psychiatric drugs that last year had $200 million in sales.

Deerfield, Ill.-based Baxter expects sales of its hemophilia treatment, called Factor VIII, to increase more than 20% annually, reaching $2 billion by 2005.

Shares of Madison, N.J.-based Baxter jumped $1 to $51.40 on the NYSE.