Haemonetics Completes Deal to Sell Whole Blood Assets to GVS for Up to $67.1 Million

Haemonetics Announces Sale of Whole Blood Assets to GVS

Haemonetics Corporation, a prominent player in the global medical technology sector, has formally announced its agreement to sell its whole blood assets to GVS, S.p.A., a major manufacturer of filter solutions in healthcare and life sciences. This deal is significant for both companies, aiming to enhance operational efficiency and expand market reach.

Transaction Details

The financial components of this transaction involve a total cash consideration amounting to up to $67.1 million. This includes an upfront payment of $44.6 million and potential earn-outs reaching up to $22.5 million contingent on performance over four years. Haemonetics intends to allocate the proceeds from this sale towards general corporate purposes and to bolster its growth initiatives.

Key Assets Involved

GVS will acquire Haemonetics' entire portfolio related to whole blood collection, processing, and filtration solutions. This will also encompass the manufacturing facility located in Covina, California, where several of these products are manufactured. Additionally, equipment and assets from Haemonetics' site in Tijuana, Mexico will be included in this agreement. The completion of this transaction is anticipated in the first quarter of 2025, depending on standard closing conditions being met.

Continued Focus on Apheresis Solutions

Despite this sale, Haemonetics' Blood Center business will continue to deliver a full range of apheresis solutions for automated blood collection. These include an array of devices and disposable kits that facilitate multiple types of apheresis collections—platelets, plasma, and red cells—contributing significantly to the efficiency of blood centers.

Strategic Partnership with GVS

This sale follows Haemonetics' previous transaction in 2020, where the company sold its Fajardo, Puerto Rico manufacturing operations to GVS and entered a long-term development agreement. This partnership has proven beneficial, as it grants GVS exclusive rights to manufacture and supply unique blood filters from the Fajardo facility for Haemonetics.

Chris Simon, the President and CEO of Haemonetics, remarked on the strategic importance of this transition: "As part of our long-range plan, we are focused on portfolio evolution to enhance our leadership in commercial and non-commercial plasma and expand our presence in high-growth hospital markets. Our agreement with GVS, stemming from a long-standing partnership, ensures a seamless transition for our whole blood customers globally while supporting our business objectives."

Conclusion

The sale marks a pivotal moment for Haemonetics as it aims to refine its focus and strengthen its market position amidst evolving industry demands. With this transaction, Haemonetics is poised to invest in further growth, leveraging their expertise in medical technologies to drive better patient outcomes. The future looks promising as both companies look to innovate and expand their existing healthcare solutions.

For more information on Haemonetics and its innovative medical solutions, please visit haemonetics.com.