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.