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S&P may cut Talecris Biotherapeutics
Standard & Poor's said it placed its BB debt rating on Talecris Biotherapeutics Inc.'s $600 million senior unsecured notes due 2016 on CreditWatch with negative implications.
This action followed news that Grifols plans to acquire Talecris in a $3.4 billion deal, S&P said.
The agency said it plans to withdraw its BB corporate credit rating on Talecris following the close of the transaction.
The top five major players in the blood plasma-derived pharmaceutical industry dominate the field. Talecris is currently the third-largest and Grifols the fifth-largest company in the industry, the agency said.
When combined, the company will be the third-largest player by a significant margin in an industry in which economies of scale are important, S&P said.
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