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Grífols buys part of Novartis Diagnostics for $1.68 billion

The Catalan pharmaceutical company Grífols, based in Greater Barcelona, has bought part of the diagnostics unit of Swiss multinational Novartis for $1,675 million. Grífols has acquired products and ‘in vitro’ technology applied to diagnoses in the fields of blood transfusion and immunology, along with a production plant in California and offices in the US, Switzerland and Hong Kong. With the acquisition, the Grífols Diagnostic Division will represent $1 billion, 20% of the Catalan group’s total revenues. Grífols is the world’s third largest company in the production of blood-plasma derivatives. In the first half of 2013, Grífols registered a profit of €182.2 million, an increase of 36.9% on the same period of 2012.

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11 November 2013 06:13 PM

by

ACN

Barcelona (ACN). - The Catalan pharmaceutical company Grífols has agreed to buy part of the Diagnostics unit of Swiss multinational Novartis for $1,675 million (€1,240 million). Among the assets acquired by Grífols are products and ‘in vitro’ technology applied to diagnoses in the fields of blood transfusion and immunology, along with a production plant in California and offices in the US, Switzerland and Hong Kong. With this acquisition, Grífols Diagnostic Division will post a turnover of about $1 billion per year, representing around 20% of the Catalan company’s annual business volume. The financing agreement to fund the operation with Novartis was secured by a bridge loan of €1.5 billion signed by Nomura, BBVA and Morgan Stanley. The transaction is part of Grífols’ strategy to widen its therapeutic arsenal, by adding complementary products and new technologies related to diagnosis to its production of blood plasma derivatives.


Grífols is the world’s third largest company in the production of haemo-derivatives, pharmaceutical products derived from blood plasma. In 2012, the Catalan company bought its main competitor in the United States, Telecaris, to become one of the main pharmaceutical companies in North America. Grífols (based in Sant Cugat del Vallès, Grater Barcelona) distributes its products in more than 90 countries. Its subsidiaries operate directly in 24 countries including the US, Spain, Australia, China, Switzerland, Canada and Brazil.

The Grífols Diagnostics division to represent 20% of the group’s total revenues

The latest partial acquisition of Novartis Diagnostics includes patents, trademarks, licenses and commercial rights, as well as a production plant in Emeryville (California, USA) and sales offices in the US, Switzerland and Hong Kong.Grífols estimates that the annual income of its diagnostic division with this acquisition will amount to approximately $1 billion. The division will thus represent around 20% of the group’s total revenues.

Grífols’ profit in the first half of 2013 increased by 37% on 2012 figures

The Catalan multinational’s latest half-yearly figures, which were released in August 2013, already showed a significant increase in profit levels and a notable rise in the company’s turnover. Indeed, in the first half of 2013, Grífols registered a profit of €182.2 million, an increase of 36.9% on 2012. Furthermore, foreign sales increased by 6.2% to €1.27 billion, representing 92.1% of their total sales.

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  • Grífols' offices in Los Angeles, California (by J. R. Torné)

  • Grífols' offices in Los Angeles, California (by J. R. Torné)