Grifols acquires 60% of biotechnology firm Progenika
Progenika is one of the leading companies in the development of molecular diagnostic technology. The transaction is valued at €37 millions.
By Biocat
Grifols, the third largest global producer of biological drugs from plasma headquartered in Sant Cugat del Vallès, has acquired 60% of the equity of Basque biotechnology firm Progenika Biopharma for €37 millions.
Progenika is one of the most advanced international companies in the development of technology for personalized medicine, like DNA biochips and genomic and proteomic tests for in vitro diagnostics, evolutionary prognostics, predicting response and monitoring treatment of immunohematological, cardiovascular, autoimmune, oncological and central nervous system diseases. In fact, this company is a leader in molecular biology tests to carry out transfusion compatibility studies.
With this acquisition, Grifols has strengthened its diagnostics division incorporating innovative technology into their product portfolio in the immunohematological area. Since 2010 Grifols has held the worldwide rights, except in Mexico, for the Progenika’s genotyping blood-type test BLOODchip®, which facilitates availability of blood units compatible between donor and receptor and makes transfusions safer. Grifols, which employs more than 11,000 professionals, finished 2012 with sales over €2,620 millions and net profit of €256.7 millions, up 410% from 2011 thanks to their takeover of US competitor Talecris. Progenika’s turnover in 2011 was €6.5 millions.
The Basque biotech firm has two production centers, one in the Bizkaia Technology Park and one in Boston (Massachusetts, United States), and a sales office in Mexico City. The activities of the Boston plant are expected to be transferred to the Grifols laboratory in Austin (Texas, United States) in the middle term.
Advisory services for this transaction were provided by BBVA and the Osborne Clarke law firm.