(Yicai) Jan. 2 -- Shares of Shanghai RAAS Blood Products fell after Chinese home appliance giant Haier Group said it plans to take control of the blood and plasma-derived medical products maker for CNY12.5 billion (USD1.8 billion).

Shanghai RAAS [SHE: 002252] closed 4.5 precent lower at CNY7.64 (USD1.07) a share in Shenzhen today, after opening up 7.5 percent in the morning.

Haier will acquire 20 percent of Shanghai RAAS from Spanish pharmaceutical giant Grifols for CNY9.40 a share, the Shanghai-based company said in a statement late on Dec. 29. That is about an 18 percent premium on Shanghai RAAS’ closing price on the day of the announcement.

After the stake sale, Grifols will still own 6.6 percent of Shanghai RAAS, but plans to entrust Haier with the voting rights of its stake. With 26.6 percent of the voting rights in Shanghai RAAS, Haier will be the company’s actual controller.

Grifols will continue its strategic business cooperation with Shanghai RAAS, including extending the exclusive import agency agreements for existing albumin products and granting Shanghai RAAS the right of first offer for the exclusive dealership of other blood and diagnostic products developed by Grifols and its associated parties in the Chinese market, Shanghai RAAS added.

Shanghai RAAS and its affiliated companies own 42 plasma apheresis stations in China. The firm is one of the four Chinese blood product makers with an annual plasma collection volume of more than 1,000 tons, according to its 2022 annual report.

Haier has been devoting itself to the digital integration of medical health and medical innovation in recent years. It has already formed an industrial ecosystem for the collection, storage, preparation, cold chain transportation, and clinical application of plasma and blood components.

Editor: Futura Costaglione