Company: GIFLF
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001104659-25-034245
Chunk: 146

Company: Grifols SA
Filing Date: 2025-04-11
Form: 20-F
Item: Item 5
Chunk 146
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 collaboration agreement with ImmunoTek to purchase these centers as of February 3, 2025, for a total purchase price of $122.4 million, $60.0 million of which we paid in advance and the remaining $62.2 million thereof will become due and payable on January 2, 2026 (as provided in the original agreement). Such payment deferral was documented in a promissory note issued by our subsidiary Biomat Holdings LLC in favor of ImmunoTek in an amount of $69.3 million (the “Promissory Note”), which includes management fees payable to ImmunoTek of approximately $7.0 million and with no interest accrual. The six plasma collection centers serve as collateral for the Promissory Note, which is guaranteed by Grifols, S.A.
Due to the acquisition of 14 centers in 2024 and the remaining 14 centers in 2025, we now fully own and manage (except for the last six centers acquired in February 2025, which we will begin managing on May 1, 2025), through our subsidiary Biomat Holdings LLC (which owns GNBA), all 28 plasma collection centers developed by ImmunoTek under the collaboration agreement entered into in July 2021. The collaboration with ImmunoTek has now been terminated (although ImmunoTek will continue to manage the last six centers until April 30, 2025 under a transitional services agreement) and GBNA is no longer a member of the ITK JV. On February 3, 2025, ImmunoTek released three of the five guarantees that GBNA had granted to ImmunoTek in June 2023 for lease contracts related to certain ImmunoTek plasma collection centers not affected by the collaboration under the ITK JV. The remaining two guarantees, with an aggregate amount of approximately $20 million, will remain in force for as long as the lease agreements remain in force. The amount of the guarantees will be reduced as and when the underlying lease term is reduced. See “—Factors Affecting Our Financial Condition and Results of Operations—Recent Acquisitions,” item 4 of this Part I “Information on the Company—B. Business Overview—Raw Materials” and Notes 3, 10 and 34 to our audited consolidated financial statements included in this annual report.
Factors Affecting Our Financial Condition and Results of Operations
Changes in accounting criteria and correction of errors
ITK JV
In 2021, we entered into a collaboration agreement with