Private equity firm Apax Partners is buying a majority share of the respiratory business of Becton, Dickinson and Co., known as BD (NYSE: BDX), to form an independent company.

In its announcement of the deal, BD isn’t disclosing the price, but says the transaction values the business at nearly $500 million. The transaction is expected to close late in BD’s fiscal year 2016, which ends on Sept. 30, or early in its fiscal year 2017, and it is subject to regulatory approval.

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