Pfizer will spend $635 million on two vaccines owned by Baxter International that are sold in a number of European countries and other locations outside of the U.S.
One vaccine is designed to prevent a type of meningitis and the other is designed to prevent tick-borne encephalitis. The products have about $300 million in combined annual sales, according to Baxter.
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Pfizer will also get part of a manufacturing facility in Australia as part of the purchase.
"Through this acquisition, we will add two high-quality and life-saving vaccines that bring scale and depth to our portfolio," said Susan Silbermann, the president of the company's vaccine unit.
Baxter is in the process of splitting into two companies. One of those companies, Baxter BioScience, will focus on blood disorders and immune conditions, and it will consider partnering or selling its drug development programs focused on the flu and Lyme disease. The other part of Baxter will sell medical products include anesthetics, injectable drugs, intravenous solutions, and equipment.
Pfizer stock fell 29 cents to $29.18 in midday trading. Baxter International Inc. shares picked up 5 cents to $76.39.