Celltrion, a Korean biopharma giant, has announced that it will no longer pursue the acquisition of the biopharma solutions unit of Baxter International, a U.S.-based healthcare company.

Celltrion has revealed through a public filing on Tuesday that it had contemplated the acquisition of Baxter's biopharma business as a means to establish stable global manufacturing facilities. Despite considering the possibility, the Korean biopharmaceutical company has now made the decision to abandon these plans.

Reuters reported on Tuesday that private-equity group, which includes Warburg Pincus and Advent International, has agreed to buy Baxter's biopharma solutions unit for $4.25 billion, which is expected to be completed in the second half of this year.

The sell-off of Baxter's biopharma solution comes after the company's CEO and Chairman José E. Almeida announced strategic actions to enhance operational effectiveness in January.

These changes included a plan to spin off the company's renal care and acute therapies global business units (GBUs) into an independent and publicly traded company and further portfolio actions to improve Baxter's capital structure, including a review of strategic alternatives for the biopharma solutions business.