Grifols, a provider of plasma-derived medicines, completed the acquisition of all of the share capital of Tiancheng Pharmaceutical Holdings AG, a German firm.

The transaction values Biotest AG at about EUR 1,600 million in equity value and its market value of EUR 2,000 million in enterprise value. Tiancheng Pharmaceutical Holdings AG holds 89.88 percent of the ordinary shares and 1.08 percent of the preferred shares of Biotest AG, a European provider of hematology and immunology. The acquisition will help Grifols expand and upscale its product portfolio and increase its plasma therapies.

Upon the completion of the public takeover offer (PTO), Grifols controls 96.20 percent of the voting rights of Biotest AG and holds 69.72 percent of its share capital. Biotest plasma centers will add to Grifols, making the combined centers a private European network of plasma centers.

Victor Grifols Deu, co-CEO of Grifols said, “The Biotest acquisition is a fundamental milestone in our transformation plan and is fully aligned with our growth strategy – strengthening our global plasma capacity, expanding our product portfolio in order to benefit more patients, complementing our innovation efforts with high value-added projects, and accelerating our presence in new markets.”