Grifols approves IPO of its US biopharma business
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The logo of the Spanish pharmaceuticals company Grifols is pictured on theirs facilities in Parets del Valles, north of Barcelona, Spain, January 9, 2024. REUTERS/Albert Gea
March 24 (Reuters) - Spanish drugmaker Grifols said on Tuesday it has approved a U.S. initial public offering of its U.S. biopharma business.
Grifols, which makes drugs using blood plasma, plans to float a minority stake in the biopharma business. The parent company will maintain its listing in Spain and retain majority ownership of the U.S. business.
"The transaction reinforces Grifols' vision of self-sufficiency by creating the first and only player that will not rely on plasma, manufacturing or supply from outside the United States," Grifols said.
The sale of stake through the IPO would raise capital to strengthen its balance sheet, cut debt and support investments in key markets, it added.
Grifols said in February it expects core earnings to grow by more than a quarter in 2026 and will continue to cut debt, after reporting 2025 profit that more than doubled.
The group will continue to grow its plasma and diagnostics businesses in other key markets, it added on Tuesday.
(Reporting by Fabiola Arámburo in Mexico City; Editing by Alan Barona and Shailesh Kuber)
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