US firm Baxter is divesting in Argentina. Led by regional head Marcelo Rozas, the multinational is in the due diligence process to sell its clinic Daomi for the second time.
The change of direction take by Argentine president Mauricio Macri apparently was not enough to convince some multinationals that the country is a reliable market in the short term.
US company Baxter seems to be among the doubters. Having sold its hemophilia business Baxalta, it’s now shedding another business in Argentina. See article.
As far as Pharmabiz could ascertain, the company is the middle of a due diligence process to sell, for the second time, its renal therapy clinic Daomi, which it had reacquired in 2010.
The example of Daomi is a saga of purchases and sales that reads like the script of a soap opera. The clinic’s competitors are Fresenius Medical Care, Buenos Aires’ Favaloro, and Diaverum, which has recently experienced some decline.
The divestment is a purely local move. Baxter remains active in the renal therapy services sector in the rest of South America. It’s a business that is flourishing in Colombia and Ecuador, and Baxter has even added an operation in Brazil, acquiring the hemodialysis and peritoneal dialysis clinic Clínica Núcleo in Belo Horizonte in May.
But in Argentina, regional head, the Argentine Marcelo Rozas, is going back on the Daomi project, curbing the plan to expand the brand through a network of providers working under the same umbrella.
The example of Daomi is a saga of purchases and sales that reads like the script of a soap opera. It was first acquired by Baxter from four Argentine doctors in 1996. In 2001 faced with the devaluation of the local currency, Baxter sold it back to the original owners.
Then in surprising move, that equals the Phoenix-GSK scenario here in Argentina, Baxter reacquired the clinic in 2010. Now, as another twist in the plot, the company is to sell it off for a second time.
The decision means that Baxter, a global giant, will have only minimal presence in Argentina. The company had already sold off its headquarters in Olivos, where Baxalta was based, to Shire.