Grifols to acquire rival Biotest for $1.9 billion

17 September 2021

Spanish plasma specialist Grifols (GRF: MC) today proposed a 1.6 billion-euro ($1.9 billion) takeover of its German rival Biotest (BIO: Xetra), in a move to consolidate the plasma-based drug industry.

In 2018, Grifols planned to acquire USA-based Biotest Pharmaceuticals for $286 million, but this was rejected by the US Federal Trade Commission as anticompetitive, which applied onerous divestments for the deal to go through.

Specifically, Grifols announced an agreement with Tiancheng International Investment (private company registered in Hong Kong) to acquire 100% of the shares of Tiancheng (Germany) Pharmaceutical Holdings, German company owner of 89.88% of Biotest ordinary shares and 1.08% of Biotest preferred shares for 773 million euros and a loan in the amount of 313 million euros.

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