Baxter International Inc.'s acquisition of North American Vaccine Inc. for $390 million in cash and stock signals a new commitment to vaccines by Baxter, which the pharma company currently markets only in Europe.

Baxter has a $70 million vaccines business headquartered in Vienna, Austria, according to spokesperson Mary Thomas. The company sells its FSMEImmun vaccine for tick-borne encephalitis and expects to launch an approved second-generation product, Ticovac