Baxter international is Swapping part of its stake in baxalta, the fast-growing life sciences company that was spun-off in July, for US$1.45bn principal of Baxter debt held by JP Morgan. The US bank, as part of the same transaction, is placing those shares in the market as Baxter divests some of its residual holding in a tax-efficient manner. The swap provides a further boost to the Baxter coffers following a US$4bn dividend received as a result of Baxalta's debut debt issue in June. In the spin-off, 80.5% of Baxalta's shares were handed to Baxter shareholders as a special dividend, tax-free to both shareholders and the parent.
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