Plasma protein therapeutics group Grifols is to acquire biotherapeutics firm Talecris for $3.4 billion worth of cash and shares. Under the terms of the deal, Grifols will pay $19 in cash and issue 0.641 new, nonvoting Grifols shares for each Talecris share. The firm says this extrapolates to $26.16 per Talecris share, a premium of 53% over the recent closing price of its common stock. The combined entity will start out with pro forma annual revenues of $2.8 billion, over half of which derives from North America.
Grifols is a Spain-based group of firms specializing in the development of plasma derivatives and having product-development operations in the IVD and nonbiological hospital products sectors. The group claims it currently holds the top slot in the European plasma derivatives sector and is fourth worldwide in terms of production.
Talecris is developing a pipeline of protein and plasma-derived therapeutics in the immunology, neurology, thrombolysis, and respiratory fields. Its lead marketed product is Gamunex for the treatment of chronic inflammatory demyelinating polyneuropathy, primary immunodeficiency, and idiopathic thrombocytopenic purpura. The second biggest seller, Prolastin, is a replacement therapy for AAT deficiency. Talecris says sales of these two products accounted for 72.3% of the firm’s $1.4 billion net revenues in 2008.
Grifols claims acquisition of the firm will boost the combined entity’s overall manufacturing capacity for plasma proteins as well as bolster its presence in North American markets and provide an established plasma collection operation. The Talecris pipeline will also provide complementary products and new recombinant protein projects.