Baxter to buy British firm ApaTech for $330M

Specialty drug and medical device maker Baxter International Inc. said Monday it will spend up to $330 million to acquire ApaTech, a privately held British concern that makes bone and soft tissue replacement material using biochemistry.

Baxter said it will pay $240 million cash for the orthobiologic products company and then pay up to $90 million more when sales milestones are reached. The deal is expected to close in the first quarter.