8/28/2014 7:06:39 AM
Baxter International, Inc. May Move Headquarters From Illinois To Boston
August 28, 2014
By Krystle Vermes, BioSpace.com Breaking News Staff
What was once known only as “Project Tiger” has been revealed to be Baxter International, Inc. (BAX), a biotechnology company, and it’s rumored to be on the move.
On Aug. 27, multiple sources began reporting that Baxter International is allegedly moving its headquarters to Cambridge, Mass., which continues to grow as a biotechnology and biopharmaceutical hub. The company is supposedly looking to move to Kendall Square, according to the Boston Business Journals, from Deerfield, Ill.
Baxter is in the process of splitting into two separate enterprises. One company will focus on biopharmaceuticals, while the other will hone in on the sale of medical products. Baxter is aiming to get this done by the middle of 2015.
However, a spokesperson for Baxter would not comment on the speculation surrounding the company’s move from Illinois to Massachusetts.
"As we stated in March, when we announced plans to create two separate, independent global health care companies, the corporate headquarters of both companies will be located in northern Illinois," Deborah Spak told Chicago Business. "Given Baxter's size and scope, as well as our many partnerships and collaborations, there are often rumors circulating."
The local brokerage team, Transwestern|RBJ, was given the responsibility of finding a new home for the headquarters back in the spring. Baxter was looking for between 150,000 and 200,000 square feet of office space at the time.
Now that rumors are swirling about a potential move to Massachusetts, Illinois is doing what it can to keep the biotech company within the state.
The Illinois Department of Commerce and Economic Opportunity told Chicago Business that it is speaking to Baxter International about staying in Illinois, but did not mention anything about a move to Cambridge.
The DCEO said it talked to Baxter when the company announced the spinoff plans. "We agreed to resume the discussions in a few months and are now doing so," a spokesman for the DCEO told Chicago Business. "We will work to keep their employees in Illinois and to see the workforce grow. Biotech has become a major source of job growth and innovation in Illinois, so we believe we can make an excellent case."
Baxter International specializes in treating hemophilia, a blood clotting disorder. Its worth is estimated to be approximately $15 billion.
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