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Baxter International

(BAX) - Get Baxter International Inc. Report

said Tuesday that it is planning a public offering of about 22 million shares, hoping to raise about $675 million to finance the previous acquisition of some assets and for corporate general purposes.

The company did not set an offering price or a timetable for the offering. Baxter made its announcement after stock markets had closed. If Baxter sticks to its share and net-proceeds goals, the offering price will be above Tuesday's closing price of $29.97.

Baxter, which said the public offering would be drawn from an existing shelf registration statement filed with the

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Securities and Exchange Commission

, had 598 million shares outstanding as of June 30.

In late December, Baxter said it would acquire certain assets of Alpha Therapeutic, of Los Angeles, including a treatment for hereditary emphysema as well as 42 plasma-collection centers and a plasma testing laboratory.

Terms terms of the deal, which has not yet closed, were not revealed. The plasma collection centers are unrelated to the company's announcement earlier this year that it would close 26 plasma centers across the country.

The lead underwriters for the public offering are Banc of America Securities and Credit Suisse First Boston.