South Korea’s Green Cross Holdings (GC) Monday announced it has signed an agreement to transfer its plasma fractionation business in Canada and U.S. plasma collection centers to Spain-based Grifols, one of the world’s top producers of plasma-derived medicines.

Under the agreement, Grifols will acquire the Montreal-based plasma fractionation facility and two purification facilities, along with 11 U.S.-based plasma collection centers for a total amount of $460 million. GC said the divestiture aims to strengthen its financial position amid the COVID-19 pandemic that has limited business travels and increased business risk in overseas markets.

GC has produced blood products for exports to the U.S. through plants in Korea and Canada. After the divestiture, GC said it will focus on blood product production by GC Pharma in Korea and expand its market presence domestically.

Shares of GC Holdings finished Tuesday 0.75 percent higher at 26,850 won ($22.40).

By Seo Jin-woo and Minu Kim

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