01 Jul 2021
News
- Drug Manufacturing
By vbandhakavi
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Spanish healthcare company Grifols announced that Singapore's wealth fund GIC agreed to invest about $1bn in Grifols’ wholly owned US subsidiary Biomat USA.
Biomat USA has a network of 296 plasma collection centres in the US. Credit: Gerd Altmann from Pixabay.
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Spanish healthcare company Grifols announced that Singapore’s wealth fund GIC agreed to invest about $1bn in Grifols’ wholly owned US subsidiary Biomat USA.
As part of the definitive agreement signed by the companies, GIC will become a strategic investor and will own a minority stake in Biomat USA through the acquisition of newly issued non-voting shares.
Biomat USA has a network of 296 plasma collection centres in the US.
Grifols has planned to utilise the funding to repay its debts, as part of its commitment to gradually reduce financial leverage levels.
The company stated that the completion of the transaction is subject to certain conditions such as regulatory approvals from the Committee on Foreign Investment in the United States (CFIUS).
Grifols co-CEO Víctor Grífols Deu said: “We are pleased to welcome GIC as a strategic investor to bolster and expand our U.S. plasma center network, which is a clear competitive advantage.
“This transaction supports Grifols’ business model and our strategy in plasma collection, together with a solid innovation portfolio focused on disease management beyond the therapies based on plasma-derived medicines.
“With robust demand for Grifols’ plasma proteins, our efforts remain centered on doing our best to respond to the needs of patients and healthcare professionals.”
Upon completion of the deal, Grifols will continue to maintain control over Biomat’s management and operations.
Additionally, all plasma, which is collected by Biomat and its subsidiaries, will continue to be delivered to Grifols to produce its plasma-derived medicines under a long-term plasma supply agreement.
For the transaction, Osborne Clarke and Proskauer Rose are serving as legal advisors while Nomura Securities International is acting as sole financial advisor to Grifols.
Furthermore, Dechert is serving as legal advisor to GIC.
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