By David Sachs

Shares in Grifols rose Wednesday after it said it is planning to reduce its shareholding in Shanghai RAAS Blood Products and that it expects to receive $1.5 billion from the move.

At 1010 GMT, shares in Grifols were up 8% to EUR11.96.

The Spanish pharmaceutical company said it has notified the Chinese pharmaceutical firm and that the matter is still in planning stages.

Grifols, which currently is the largest shareholder in Shanghai RAAS, said it will remain a significant shareholder in the Chinese company.

Write to David Sachs at david.sachs@wsj.com

(END) Dow Jones Newswires

June 14, 2023 06:29 ET (10:29 GMT)

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