Singapore’s sovereign fund invests $1bn in Grifols’s U.S. unit

Singapore’s wealth fund GIC agreed to invest around 1 billion dollars in Biomat, a U.S.-based plasma collection company owned by Grifols, thus becoming a strategic investor in the Spanish pharmaceutical company, Grifols said on Wednesday.

GIC will have a minority stake in Biomat USA, which has a network of 296 plasma collection centres in the United States through the acquisition of newly issued non-voting shares.

The company didn’t disclose the stake GIC will taking in Biomat.

Barcelona-based Grifols will use proceedings to reduce debt, which at the end of March stood at 6.2 billion euros ($7.38 billion).

Grifols shares were up 1.5% in early trading, while benchmark Ibex-35 was down 0.7. The company is valued by the market at 13.5 billion euros.

 Source: Reuters