Renta 4 | According to a regulatory filing, the Board of Directors will begin evaluating a potential U.S. IPO of a minority stake in Grifols Biopharma US.
The parent company would remain listed in Spain and retain control of the U.S. business.
The transaction would allow the company to raise capital to strengthen the group’s balance sheet and reduce debt (which stood at 4.2x debt-to-EBITDA at the end of 2025).
It should be noted that the transaction is subject to various requirements as well as market conditions, so there is no guarantee that it will ultimately materialize.
Assessment: If the transaction goes ahead, we believe it could serve to achieve greater visibility and valuation for its core business, as well as align its U.S. investor base.
The press release emphasizes efforts toward an integrated and self-sufficient model, becoming a pure player without reliance on plasma, manufacturing, or supply from outside the U.S.
On the downside, current Class A and Class B shareholders would see their stake in Biopharma US reduced.
