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Monday, June 7, 2010

Spanish Biotech Company Buys Talecris for $4 Billion

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PARIS — Grifols, the Spanish health care group that produces treatments based on blood plasma, said Monday that it had agreed to acquire Talecris, a U.S. company, for $4 billion including debt.

The deal marks the second attempt to sell Talecris, a maker of blood plasma drugs, to help its majority owners cash out.

Victor Grifols, chief executive of the Barcelona company, praised Talecris’s “strong clinical research capability and new research into recombinant therapies,” adding that the deal would expand Grifols’s product line, geographic reach and manufacturing scale.

Plasma is the liquid component of blood in which cells are suspended. Talecris collects plasma, which contains blood proteins, at centers around the United States to use as the basis of its treatments.

Grifols will pay $19 cash for each share of Talecris common stock — the same price at which the U.S. company listed in its initial public offering last autumn — as well as 0.641 new, nonvoting Grifols shares, valuing Talecris shares at the implied price of $26.16, or a 53 percent premium over the 30-day average Talecris share price.

Talecris shares closed Friday down 55 cents, or 3.37 percent, at $15.91 on the Nasdaq. Grifols stock dropped 6 euro cents, or 0.7 percent, to 9.27 euros on Friday in Spain.


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