Grifols agrees to acquire Tiancheng Pharmaceutical for $1.3bn
According to the transaction, the equity and enterprise value of Biotest is assessed at $1.9bn and $2.3bn, respectively.
Grifols has entered a share purchase agreement to acquire complete shares of Tiancheng (Germany) Pharmaceutical Holdings for a total of nearly $1.3bn (€1.1bn).
The Grifols and Tiancheng transaction value comprises $906m (€773m) and a loan of $367m (€313m), Grifols noted.
Tiancheng Pharmaceutical owns 89.88% of the ordinary shares and 1.08% of the preferred shares of German public listed healthcare company Biotest.
Biotest focuses on advanced haematology and clinical immunology with a pipeline of new proteins that complement Grifols’ product portfolio.
The deal evaluated Biotest’s equity and enterprise value at nearly $1.9bn (€1.6bn) and $2.34bn (€2bn), respectively.
On concluding the deal, Grifols will indirectly have rights to 17,783,776 ordinary shares in Biotest, signifying nearly 89.88% of Biotest’s voting rights and 44.94% of total share capital.
Furthermore, Grifols will own Biotest’s 214,581 preferred shares, indicating nearly 0.54% of the total share capital.
Parallelly, Grifols initiated a voluntary public tender offer to take over the remaining ordinary and preferred stakes of Biotest for $50.4 (€43) and $43.37 (€37), respectively, in cash.
September 20th, 2021
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