Grifols, a Barcelona, Spain-headquarted healthcare company and manufacturer of plasma-derived medicines, has turned a potential offer of EUR 6.45 billion ($6.76 billion) by Brookfield, a Toronto, Canada-based private equity firm.  

In an US Securities and Exchange Commission (SEC) filling issued this week (November 19, 2024), the company reported that its Board of Directors held an extraordinary meeting to consider the offer, which represented an indicative price of EUR 10.50 ($10.99) per Class A share, and concluded that the offer  “significantly undervalues the company’s fundamental prospects and its long-term potential.” Accordingly, the company said that its Board of Directors would not recommend that the company’s shareholders accept the potential offer at the indicated price. 

Through the first nine months of 2024, the company reported strong growth in its largest business segment, biopharma. Overall company revenues for the first nine months fo 2024 were EUR 5.24 billion, up 9.1% in constant curriences, driven growth in key proteins, immunoglobins and albumin, in the US and international markets. For the first nine months of 2024, the company’s biopharma segment grew by 9.9% in constant currencies to EUR 4.46 billion ($4.67 billion). Its immunoglobin franchise grew by 14.3%  as a result of successful launches in Europe and strong performance in the US of subcutaneous immunoglobulin, which increased by 51.8%. Albumin grew by 10.3% mainly driven by higher demand in China. Additionally, Alpha-1 and specialty proteins grew 1.3% in the first nine months of 2024.  

Source: Griflos (SEC filing) and Griflos (earnings report)