Grifols (MCE:GRF, MCE:GRF.P, NASDAQ:GRFS), a global healthcare company and leading manufacturer of plasma-derived medicines, today announced it has completed the sale of a 20% equity stake in Shanghai RAAS (SRAAS) to Haier Group Corporation (Haier Group) and forged a strategic alliance with Haier Group. The deal has received all necessary regulatory approvals and compliance confirmation from the Shenzhen Stock Exchange.

The alliance will leverage synergies between Grifols’ industry-leading plasma and diagnostic excellence and Haier Group’s preeminent portfolio of healthcare solutions to innovate and contribute to SRAAS’ growth in the long run. Through a share purchase agreement Grifols has sold a 20% equity stake in SRAAS to Haier Group for RMB 12.5 billion (approximately EUR 1.6 billion) cash consideration. Grifols retains a significant 6.58% economic stake in SRAAS as well as a seat on its Board of Directors.

The two companies extend their exclusive albumin distribution agreement through the next 10 years – with guaranteed minimum volumes between 2024 and 2028 – and SRAAS has the option to prolong it through 2044. China’s demand for albumin is significant and the demand is expected to grow significantly in the coming years.

Grifols and SRAAS have collaborated successfully over the last four years as the Chinese hemoderivatives market has continued its booming double-digit growth. With this transaction, first announced in December 2023, Grifols maintains its presence in China and its commercial agreements with SRAAS while it will comply with its commitment to deleverage.