Grifols' Shares Rise Amidst Progress on Sale of Stake in Shanghai RAAS Blood Products

Shares in Grifols witnessed a significant boost on Monday as the company confirmed that the sale of its 20% interest in Chinese medicine developer Shanghai RAAS Blood Products is still on schedule.

At 08:41 GMT, the shares experienced a 6.7% surge, reaching EUR9.47.

In December, the Spanish pharmaceutical company announced its plan to sell around 20% of its stake in Shanghai RAAS Blood Products to Haier Group, a Chinese appliance company that operates a biomedical unit. This transaction is valued at 12.5 billion Chinese yuan ($1.75 billion).

Grifols remains confident that the deal will be finalized within the first half of this year, despite concerns in the market regarding a recent report by short-seller Gotham City Research, which might impact the agreement, as stated by the company over the weekend.

The company conveyed, "Grifols wants to inform that the Vice-Chairperson of Haier Group Corporation has textually declared the following: 'we continue to work to close the deal as originally planned'."

Earlier in the month, Grifols shares experienced a sharp decline following Gotham City Research's claims that the company's debt-to-earnings ratio was worse than reported.

Grifols firmly denied these allegations and expressed its intention to pursue legal action against Gotham City Research.