Baxter Initiates Offer to Exchange Shares of Baxter for Shares of Baxalta

DEERFIELD, Ill. & BANNOCKBURN, Ill.--(BUSINESS WIRE)--Baxter International Inc. (NYSE: BAX) (“Baxter”) and Baxalta Incorporated (NYSE: BXLT) (“Baxalta”) announced today that Baxter has commenced an offer to exchange up to 12,800,000 shares of Baxalta common stock that are currently owned by Baxter, which represents approximately 1.9% of the outstanding common stock of Baxalta, for shares of Baxter common stock that are validly tendered and not validly withdrawn in the exchange offer.