UPDATE 1-Baxter buying drug delivery company for $380 mln

* Baxter buying privately held Baxa Corp

* Sees deal reducing 2012 profit, helping from 2013 on

CHICAGO Aug 25 (Reuters) - Baxter International Inc (BAX.N) said it struck a deal to buy privately held Baxa Corp, a drug delivery company, for $380 million in cash.

Baxter said it expects accounting and transaction-related expenses tied to the deal to reduce 2012 earnings by 3 cents to 5 cents per share, but the acquisition will add to earnings in 2013 and beyond.

Englewood, Colorado-based Baxa, whose sales totaled about $150 million in 2010, is a developer of pharmacy technology that improves the safety of oral and intravenous drug preparation and delivery. It has operations in the United States and the UK.

Baxter said the acquisition will complement its existing portfolio. (Reporting by Debra Sherman; editing by John Wallace)