GIC invests US$1b in plasma collection company Biomat

[MADRID] Singapore's wealth fund GIC agreed to invest around US$1 billion in Biomat, a US-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 (S$9.91 billion).

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

REUTERS