Grifols obtains authorizations for the alliance with Shanghai RAAS

Renta 4 | The Spanish firm has reportedly obtained the necessary authorizations from the United States (Sept. 30) and China (Nov. 13) to conclude the sale of assets between Grifols (GRF) and Shanghai RAAS (Chinese pharmaceutical company), which is expected to conclude before the end of the year.

Grifols will obtain 26.2% of the economic and voting rights of Shanghai RAAS, contributing 45% of the economic rights (and 40% of the voting rights) of its US subsidiary Grifols Diagnostic Solutions.

On the other hand, Grifols would continue to have 60% of the voting rights of Grifols Diagnostic Solutions. The Asian pharmaceutical company is a leader in China, specializing in the research, production and sale of plasma derivatives. It has 41 plasma collection centers and a fractionation capacity of more than 2 mln liters. In addition, a Strategic Alliance Agreement with Exclusive Character was signed on Mar-19 to formalize the quality and manufacturing standards that Shanghai RAAS must follow, under the supervision of Grifols.

As a result of this alliance, Shanghai RAAS will be the exclusive distributor of Grifols’ bioscience and diagnostic products in China. We consider this to be positive news, aligned with Grifols’ expansion plans and access to plasma. Target price under review (previous 25.40 eur / acc). Maintain.