Baxter International’s kidney care business is planning to locate a $41 million research and development center in Golden Valley, which is expected to create about 70 jobs, beating out Chicago for the project.

The move comes as the Carlyle private equity group is in the process of buying the kidney unit, called Vantive. The $3.8 billion deal is expected to close late this year or early 2025, and Vantive will become a standalone company, according to Baxter.

The R&D center in Golden Valley will be one of four around the world for Vantive, and will consolidate some of Baxter’s employees in Minnesota, according to a filing with the city of Golden Valley in the spring. About 170 total workers would be housed at the center.

Vantive develops and supports renal care and organ-support therapies including types of dialysis and continuous renal-replacement therapy. Globally, it has 23,000 employees and $4.5 billion in revenue, according to the filing with the city.

The Minnesota Department of Employment and Economic Development (DEED) will provide $3.2 million in financing incentives to Vantive for the project.

The incentives will help Vantive “create a research and development center of excellence in Golden Valley, and expand our workforce focused on driving innovation in kidney care and other vital organ therapies,” Mo Tracy, spokeswoman for the Baxter kidney care unit, said in a statement.

The project is slated for 201 General Mills Blvd., an existing 90,000-square-fooot office building near Hwy. 55. That strategy can offer advantages for medical and life-sciences companies.

“Typically what they are trying to do is find a location where they can get up and going as fast as possible,” said Amanda Taylor, vice president of business investment for Greater MSP.