The Catalan blood products company Grifols continues shopping. A week after taking over the Novartis Diagnostics business for 1,240 million, it has acquired 21.3% of the biotechnology company TiGenix, dedicated to cell therapy, for 12 million euros.

Grifols has informed the National Securities Market Commission (CNMV) that this purchase was carried out through the subscription of a capital increase with exclusion of the right of emption.

This increase consists of 34,188 million TiGenix shares at a price of 0.351 euros per share, a price which according to the Belgian company is in line with its price for the last month. However, it entails a strong reduction of 33 % compared to the 0.53 euros the company closed at yesterday. Hence, the TiGenix titles plummet more than 20% on the Stock Exchange.

The investment of 12 million by Grifols was carried out through its subsidiary Gri-Cel "whose social purpose is to invest and manage companies engaged in advanced therapies and personalized medicine," said the blood product company to the CNMV.

A week ago Grifols acquired the diagnostics business of Novartis for 1,240 million euros Following this purchase, two directors are expected to be appointed by Grifols and a pre-emption right to negotiate the development and commercialization of any product under TiGenix ownership except their medicine 'ChondroCelect', which is used for regenerating knee cartilage.

TiGenix, formerly Cellerix is 100% shareholder of Tigenix SA, a leading European cell therapy company that is dedicated to research and development of stem cells derived from adipose tissue.

This company is listed on the NYSE Euronext Brussels, has its headquarters in Leuven (Belgium), and offices in both Madrid (Spain) and Sittard-Geleen (Netherlands).

Grifols states that advanced stage in Phase III clinical trials are currently being conducted for the treatment of complex perianal fistulas in patients with Crohn's disease (Cx601), with the designation of 'Orphan Drug' by the European Medicines Agency.

The Grifols shares started the session be leading the fall in the Ibex, losing 1%, a drop that minutes later eased off to around 0.3 %, to 31.830 euros.



Source: Expansion

Posted by; 2013-11-20

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