Grifols To Acquire Biotest AG In Germany

(RTTNews) - Grifols (GRFS) has reached an agreement with Tiancheng International Investment Ltd. to acquire 100% of the shares of Tiancheng (Germany) Pharmaceutical Holdings AG, German company owner of 89.88% of Biotest ordinary shares and 1.08% of Biotest preferred shares, for 1.1 billion euros. The deal values Biotest's equity at 1.6 billion euros. Parallel to the transaction, Grifols launches a voluntary public tender offer to acquire Biotest's remaining ordinary and preferred shares for 43.00 euros and 37.00 euros, respectively.

Headquartered in Dreieich, Germany, Biotest AG develops, produces and markets biological medicinal products with applications in hematology, clinical immunology and intensive care. Its current portfolio includes 12 different products with a global commercial footprint in more than 90 countries. Biotest has a manufacturing capacity of up to 1.5 million liters of plasma annually.

By 2024, Grifols expects combined revenues of over 7 billion euros, and more than 2 billion euros in EBITDA. The company anticipates notable increase in revenues and profit margins starting in 2023 through new product launches.