Drugmaker Mallinckrodt said Monday that it planned to sell two products that control bleeding during surgery to Baxter for $185 million.
Mallinckrodt said the products, Recothrom and Preveleak, will complement Baxter's current portfolio of products used by surgeons.
Mallinckrodt is up 4.5 percent in premarket trading.
CEO Mark Trudeau said that as Mallinckrodt continues to transform itself into a specialty pharmaceutical company, products like these "are now less strategic for us."
Deerfield, Ill.-based Baxter will also acquire Preveleak's manufacturing operation, which is based in the San Francisco area, according to a spokeswoman for Mallinckrodt.
Net sales for Mallinckrodt's unit that included Recothrom and Preveleak were $56.2 million during the 12 months preceding Sept. 29, 2017, according to the statement.