GIC takes a minority stake in the US subsidiary Biomat, which manages 296 plasma donation centers. The plasma derivatives multinational will use the funds to reduce debt.
GIC, Singapore’s sovereign wealth fund, has invested 1,000 million dollars (840 million euros) in Grifols. The plasma derivatives multinational will use the funds to repay debt. At the end of the first quarter, the Catalan pharmaceutical company’s net leverage exceeded 6.2 billion, with a ratio of 5.1 times ebitda, due to its aggressive acquisition policy in recent months.
The transaction has been structured through Biomat, the US subsidiary which manages 296 plasma donation centers. Grifols will continue to control all aspects related to the management of the company and the operation of the centers. The agreement will also not entail any change in the supply of plasma to produce plasma derivatives.
“This transaction supports Grifols’ business model, and our strategy in plasma procurement, together with a strong innovation portfolio focused on the treatment of diseases beyond plasma-derived therapies,” said Grifols’ CEO, Victor Grifols Deu.
Grifols’ debt has soared in recent months following the company’s acquisition policy. In less than a year, the pharmaceutical company has closed the purchases of the plasma centers of BPL and Kedrion and the biotech company Gigagen.
The closing of the transaction is subject to certain conditions, including obtaining applicable regulatory approvals, such as the Committee on Foreign Investment in the United States (CFIUS).