Shares of Baxter International, based in Deerfield, Illinois, have risen by more than 4% since news of the potential deal broke.
In March, Baxter announced it was exploring the sale of its kidney care unit with select private equity investors. The decision came more than a year after Baxter revealed plans to separate the unit due to supply chain challenges and weak demand for dialysis operations. The company aims to complete the separation in the second half of the year.