June 18, 2024

Grifols completes sale of a 20% equity stake in SRAAS and forges strategic alliance with Haier Group

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  • With today’s announcement of the transaction completion, Grifols and Haier Group will work together through Shanghai RAAS (SRAAS) to drive synergies that enhance China’s healthcare system
  • Through a share purchase agreement Grifols has sold a 20% equity stake in SRAAS to Haier Group for RMB 12.5 billion (approximately EUR 1.6 billion)
  • Grifols and SRAAS extend their exclusive albumin distribution agreement over the next 10 years, and SRAAS has the option to prolong it through 2044
  • Grifols will use all proceeds to comply with its commitment to deleverage

Barcelona, Spain, June 18, 2024 - Grifols (MCE:GRF, MCE:GRF.P, NASDAQ:GRFS), a global healthcare company and leading manufacturer of plasma-derived medicines, today announced it has completed the sale of a 20% equity stake in Shanghai RAAS (SRAAS) to Haier Group Corporation (Haier Group) and forged a strategic alliance with Haier Group. The deal has received all necessary regulatory approvals and compliance confirmation from the Shenzhen Stock Exchange.

The alliance will leverage synergies between Grifols’ industry-leading plasma and diagnostic excellence and Haier Group’s preeminent portfolio of healthcare solutions to innovate and contribute to SRAAS’ growth in the long run.

Through a share purchase agreement Grifols has sold a 20% equity stake in SRAAS to Haier Group for RMB 12.5 billion (approximately EUR 1.6 billion) cash consideration. Grifols retains a significant 6.58% economic stake in SRAAS as well as a seat on its Board of Directors.

The two companies extend their exclusive albumin distribution agreement through the next 10 years – with guaranteed minimum volumes between 2024 and 2028 – and SRAAS has the option to prolong it through 2044. China’s demand for albumin is significant and the demand is expected to grow significantly in the coming years.

Grifols and SRAAS have collaborated successfully over the last four years as the Chinese hemoderivatives market has continued its booming double-digit growth.

With this transaction, first announced in December 2023, Grifols maintains its presence in China and its commercial agreements with SRAAS while it will comply with its commitment to deleverage.

“We are delighted to close the transaction and welcome Shanghai RAAS to the Haier healthcare family today. Shanghai RAAS will join forces with Haier’s other healthcare companies, including Haier Biomedical and Inkon Life, to expand our footprint across life sciences, clinical medicine, and biotechnology and build a globally competitive health ecosystem. We also hope to contribute further to ‘Healthy China’ through our strategic partnership with Grifols,” said Lixia Tan, Vice Chairwoman and Executive Vice President of Haier Group.

“The strategic alliance that we have forged with Haier is a milestone in the more than 40-year history that Grifols has in China and further positions us for growth in this extraordinary market for plasma medicines and diagnostic solutions. We look forward to working with Haier as we leverage our respective capabilities to explore future business opportunities,” said Thomas Glanzmann, Grifols Executive Chairman.

Grifols retained Osborne Clarke, S.L.P. and JunHe LLP. as legal advisors. Nomura Securities International, Inc. serves as the lead financial advisor to Grifols.