Ashurst advises Biotest on the public delisting offer by GRIFOLS and its delisting from the Frankfurt Stock Exchange

Ashurst has advised longstanding client Biotest AG ("Biotest") in connection with the conclusion of an delisting agreement with GRIFOLS, S.A. ("GRIFOLS") in relation to a public delisting tender offer by Grifols Biotest Holdings GmbH ("Grifols Biotest Holdings"), a wholly owned subsidiary of GRIFOLS, and the related revocation of the admission of Biotest shares to trading on the regulated market of the Frankfurt Stock Exchange.

On 6 May 2025, Grifols Biotest Holdings published its public delisting tender offer to all Biotest shareholders to acquire their shares against payment of a cash consideration of EUR 43.00 per ordinary share and EUR 30.00 per preference share. The application for revocation of the admission of Biotest shares to trading on the regulated market of the Frankfurt Stock Exchange was granted with effect from the end of 6 June 2025. The delisting tender offer will be settled in June 2025.

Biotest is a provider of biological therapeutics derived from human plasma. With a value added chain that extends from pre-clinical and clinical development to worldwide sales, Biotest has specialised primarily in the areas of clinical immunology, haematology and intensive care medicine. Biotest develops and markets immunoglobulins, coagulation factors and albumin based on human blood plasma. These are used for diseases of the immune and haematopoietic systems.

The Ashurst team was led by counsel Martina Rothe and partner Dr Stephan Hennrich and included senior counsel Dr Gerrit Clasen, senior counsel Reinhard Eyring, senior associate Benedikt Lerp and associate Jan Spiesmacher (all corporate, all Frankfurt)