Grifols, Talecris deal
Grifols plans to acquire fellow plasma protein company Talecris in a cash and stock deal that the companies said values Talecris at $26.16 per share, or about $3.4 billion. The price is a 64% premium to Talecris' close of $15.92 on June 4, before the deal was announced. Each Talecris share will be exchanged for $19 in cash and 0.641 of a new non-voting Grifols share. Grifols said it would fund a portion of the acquisition through 5-6 year loans from a syndicate led by Deutsche Bank; Nomura; BBVA; BNP Paribas; HSBC; and Morgan Stanley.
Grifols will gain Talecris' marketed plasma-derived protein therapies, including immunodeficiency disorder drug Gamunex immune globulin IV. Talecris reported 2009 revenue of $1.5 billion. The deal also expands Grifols' presence in the U.S. and Canada. Grifols expects the combined company to generate pro-forma annual revenues of about $2.8 billion and to be accretive to earnings in the first year. ...