Advent International and Warburg Pincus name Franco Negron CEO of BioPharma Solutions following its proposed divestiture from Baxter

Boston, Mass., and New York, N.Y. – August 24, 2023 – Advent International (“Advent”), one of the largest and most experienced global private equity investors, and Warburg Pincus, a leading global growth investor, today announced they have selected Franco Negron to be chief executive officer (CEO) of BioPharma Solutions (BPS) following its proposed divestiture from Baxter International Inc. (NYSE:BAX). The closing of the divestiture, which remains subject to the satisfaction of customary closing conditions, is currently expected to occur in the second half of 2023.

Mr. Negron is a highly accomplished leader with nearly 30 years of experience in the pharmaceutical industry. Most recently, he served for three years as the CEO of ApiJect Systems America. Prior to joining ApiJect, Mr. Negron held several key leadership roles, including President of Commercial Operations at Thermo Fisher Scientific and President of Development and Commercial, North America at Patheon Pharmaceuticals. Mr. Negron has also held senior positions at other leading pharmaceutical companies, including Valeant Pharmaceuticals, Novartis and McNeil Consumer Healthcare.

“Franco will bring inclusive leadership, creative energy and customer focus to help BPS further elevate its position as a trusted and preferred partner of contract manufacturing services. Franco’s dedication to innovation aligns with BPS’ focus on advancing leading-edge, high-quality solutions that help address the unique needs of pharmaceutical and biotech customers worldwide,” said Carmine Petrone, a Managing Director on Advent’s Healthcare team.

“Franco’s impressive track record of partnering with pharmaceutical companies around the world makes him uniquely positioned to meet the challenges of today’s healthcare environment. We look forward to Franco driving the effort to carry forward the strong legacy that BPS has built as part of Baxter,” added Ruoxi Chen, Managing Director at Warburg Pincus.

BPS has been a leading provider of sterile contract manufacturing solutions, parenteral delivery systems and customized support services to the pharma and biotech industries for decades. Following the proposed divestiture of BPS, BPS will operate as a premier, independent end-to-end contract development and manufacturing organization (CDMO) providing a range of services for clients, from clinical research to commercial deployment.

Mr. Negron said, “BPS’ success and record of innovation position the company well to continue to grow its mission-critical services across a variety of therapeutic areas. With the partnership of Advent and Warburg, I am excited to lead the impressive team at BPS, which has developed differentiated technical capabilities and established an industry-leading reputation for quality and reliability.”

For over 30 years, Advent has been investing in the healthcare sector. The firm has completed over 50 investments in 17 countries worldwide across a range of sub-sectors, including pharmaceuticals, life sciences and medical devices. Advent’s recent healthcare investments in the US include Iodine Software and RxBenefits, and the firm’s recent global pharmaceutical services investments include BioDuro, GS Capsule, ICE Group, Suven Pharmaceuticals/Cohance Lifesciences, and Syneos Health.

Since inception, Warburg Pincus has invested over $16 billion in more than 180 healthcare companies, including Summit Health, Modernizing Medicine, Ensemble Healthcare Partners, and Global Healthcare Exchange, and has been an active investor in life sciences, with notable investments in Polyplus, Norstella, Sotera Health, and Bausch + Lomb, among others.

About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 410 private equity investments across 42 countries, and as of March 31, 2023, had $95 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 290 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology.

For over 35 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

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About Warburg Pincus

Warburg Pincus LLC is a leading global growth investor. The firm has more than $83 billion in assets under management. The firm’s active portfolio of more than 250 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 21 private equity and 2 real estate funds, which have invested more than $112 billion in over 1,000 companies in more than 40 countries. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore.

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About Baxter

Every day, millions of patients, caregivers and healthcare providers rely on Baxter’s leading portfolio of diagnostic, critical care, kidney care, nutrition, hospital and surgical products used across patient homes, hospitals, physician offices and other sites of care. For more than 90 years, we’ve been operating at the critical intersection where innovations that save and sustain lives meet the healthcare providers who make it happen. With products, digital health solutions and therapies available in more than 100 countries, Baxter’s employees worldwide are now building upon the company’s rich heritage of medical breakthroughs to advance the next generation of transformative healthcare innovations.

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Media contacts

Andrea Johnson, (224) 948-5353

Advent International
Zachary Tramonti / Anna Epstein / Kevin Siegel
FGS Global

Warburg Pincus
Kerrie Cohen, (917) 887-9184

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