Grifols acquires Biotest’s largest shareholder in $1.2bn deal

Grifols, the Spanish pharmaceutical and chemical manufacturer, is acquiring Tiancheng Pharmaceutical Holdings, the largest shareholder of German biotech, Biotest, to increase patients’ access to plasma therapies for $1.289 billion (€1.1bn).

Parallel to the transaction, Grifols launches a voluntary public tender offer to all outstanding ordinary and preferred shareholders to acquire in cash Biotest’s remaining ordinary and preferred shares for €43.00 and €37.00, respectively.

This acquisition will significantly reinforce Grifols’ industry capabilities by enhancing its plasma-derived medicines access, pipeline and sales presence.

Furthermore, it will provide access to new scientific and industrial capabilities. It will also improve Grifols’ plasma economics and revenue per litre bringing innovative plasma proteins to drive revenue growth and margin expansion.

In parallel, Grifols will also expand and diversify its plasma sourcing through the addition of 26 European plasma centres and strengthen its operations and revenues in EMEA (Europe, the Middle East and Africa) region.

Raimon Grífols Roura, co-CEO of Grifols, said: “This unique opportunity will allow Grifols and Biotest to mark a new milestone while shaping the plasma industry.

“It will enlarge our existing portfolio of plasma-derived therapies and fast-track the development of new products, with a concerted focus on delivering value to patients, shareholders and other key stakeholders. We look forward to partnering with the Biotest team.”

Co-CEO Víctor Grífols Deu added: “This operation offers a singular opportunity to promote our European innovation hub and collaborate with an outstanding German firm renowned for its expertise in clinical development.

“By joining forces, we aim to advance innovative scientific and plasma-derived developments that ultimately offer patients an enhanced quality of life.”

The transaction is subject to regulatory approvals and other conditions. It is expected to close by the end of the first semester of 2022.

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