November 22, 2018 / 2:16 PM / 24 days ago

Shanghai RAAS in tie-up talks with U.S. blood products arm of Spain's Grifols

MADRID, Nov 22 (Reuters) - China's Shanghai RAAS Blood Products Co Ltd is in talks to combine with a U.S. subsidiary of Spanish blood products company Grifols, the two companies said.

Grifols said the talks could lead to it exchanging Grifols Diagnostic Solutions Inc, which it said was valued at around $5 billion, for newly-issued Shanghai RAAS shares.

Grifols would have strategic direction of the business.

Shanghai RAAS also said it planned to buy Tiancheng (Germany), which owns about 90 percent of German-based blood products firm Biotest AG for 589 million euros ($672 million).

"The company has long-term plans to become a world-class company in the blood products sector," RAAS said in a statement on the Shenzhen stock exchange on Thursday.

"The transactions will allow RAAS to improve on its production and product lines. The company will also be able to boost its assets, enhance its scale of operations and profitability as it aims to be ranked among the top in the global blood products industry."

Both deals are subject to regulatory approval, RAAS said.

$1 = 0.8770 euros Reporting by Sonya Dowsett; Editing by Mark Potter

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