Baxter International Inc., of Deerfield, Ill., and Baxalta Inc., of Bannockburn, Ill., said Baxter has commenced an offer to exchange up to 12.8 million shares of Baxalta common stock that are currently owned by Baxter, which represents about 1.9 percent of the outstanding common stock of Baxalta, for shares of Baxter common stock that are validly tendered and not validly withdrawn in the exchange offer. Following the completion of the exchange offer, if Baxter disposes of all of the remaining shares of Baxalta common stock held by it in the exchange offer, Baxalta will be wholly independent from Baxter, except that certain agreements between Baxter and Baxalta will remain in place, the companies said. (See BioWorld Today, March 5, 2015.)