Baxter Agrees to Buy Research Medical

Baxter International Inc. said it agreed to acquire Research Medical Inc. in a stock swap valued at about $236 million. Salt Lake City-based Research Medical makes disposable products for cardiovascular and vascular surgery, and specialty pharmaceuticals. It had revenue of $40 million last year. The agreement values Research Medical at $23.50 a share. Its shares rose $2.77 to $22.77 on the Nasdaq Stock Market. The ratio for the stock swap will be set two days before a Research Medical shareholder meeting scheduled for the first quarter of 1997. Shares of Deerfield, Ill.-based Baxter, a medical products concern with annual sales of $5 billion, rose 50 cents to close at $41.50 on the New York Stock Exchange.