Mar. 25 at 10:31 AM
$GRFS Grifols rallies after board approves IPO of U.S. Biopharma business
Grifols says its Strategy Committee has proposed, and the board has approved, the initial public offering on the U.S. stock market of a portion of the shares of the company's U.S. Biopharma business. If the transaction is successfully completed, Grifols would float a minority stake in Grifols' Biopharma U.S. The parent company, Grifols S.A., would maintain its listing in Spain and would retain control of the U.S. business.
The proposed IPO is intended to raise capital to "support the company's strategic priorities, including debt reduction and investment in growth across key markets where it is advancing its self-sufficiency projects." Grifols says it will continue to grow its plasma and diagnostics businesses in other markets, "with improved profit margins from our self-sufficiency programs in Egypt and Canada and growing revenues from new products." Shares of Grifols are up 6% to
$8.05 in premarket trading.
