Spain's Grifols has struck a $4 billion deal to buy Talecris Biotherapeutics, finally delivering a premium return for the investment groups that backed the Research Triangle Park, NC-based biotech. Talecris shareholders get a mix of $19 a share in cash along with stock--a combo package that offers a 53 percent premium over Talecris' 30-day average.
Grifols gets a U.S. biotech that was spun out of Bayer five years ago when Cerberus and Ampersand Ventures bought up the plasma business. For Talecris, which makes and develops blood plasma drugs, it's the second time at the M&A altar. Australia's CSL had made a concerted effort to buy the company for $3.1 billion back in 2008, but antitrust regulators derailed that effort. This time around analysts say that the merger has a good chance of getting a green flag from regulators, as Grifols has minimal operations in the country.
Grifols gets Talecris plasma collection operations around the U.S., which will help it shave significant costs from its own work in plasma collection, manufacturing and R&D. Talecris booked slightly more than $1.5 billion in revenue last year.