GRIFOLS, S.A.
Avinguda de la Generalitat, 152-158
Parc de Negocis Can Sant Joan
Sant Cugat del Vallès 08174
Barcelona, Spain
November 7, 2011
VIA ELECTRONIC TRANSMISSION
Jeffrey P. Riedler
Assistant Director
United States Securities and Exchange Commission
Division of Corporation Finance
100 F Street, N.E.
Washington, D.C. 20549-1004
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Re: |
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Supplemental Letter with respect to the Registration Statement
on Form F-4
(File No. 333-177466) of Grifols, S.A. |
Ladies and Gentlemen:
Grifols, S.A., Grifols Inc. and the subsidiary guarantors named therein (the
Registrants) are registering Grifols Inc.s exchange offer (the Exchange Offer)
pursuant to a Registration Statement on Form F-4 (File No. 333-177466) in reliance on the position
of the staff of the United States Securities and Exchange Commission enunciated in Exxon
Capital Holdings Corporation (available April 13, 1988), Morgan Stanley & Co.,
Incorporated (available June 5, 1991) and Shearman & Sterling (available July 2, 1993).
The Registrants represent as follows:
1. The Registrants have not entered into any arrangement or understanding with any person to
distribute the securities to be received in the Exchange Offer (collectively, the New
Securities) and, to the best of the Registrants information and belief, each person
participating in the Exchange Offer (i) has no arrangement or understanding with any person to
participate in the distribution of the New Securities, (ii) is neither an affiliate of any of the
Registrants within the meaning of Rule 405 under the Securities Act of 1933, as amended (the
Securities Act), nor a broker-dealer acquiring the New Securities in exchange for
securities acquired directly from the Registrants for its own account and (iii) is acquiring the
New Securities in the ordinary course its of business.
2. The Registrants will make each person participating in the Exchange Offer aware (through
the Exchange Offer prospectus or otherwise) that if the Exchange Offer is being registered for the
purpose of
secondary resales, any securityholder using the Exchange Offer to participate in a
distribution of the New Securities (a) could not rely on the staff position enunciated in no-action
letters issued to unrelated third parties (such as Exxon Capital Holdings Corporation
(available April 13, 1988) and similar letters) and (b) must comply with the registration and
prospectus delivery requirements of the Securities Act of 1933, as amended (the Securities
Act), in connection with a secondary resale transaction. The Registrants acknowledge that
such a secondary resale transaction should be covered by an effective registration statement
containing the selling securityholder information required by Item 507 of Regulation S-K under the
Securities Act.
3. The Registrants will make each person participating in the Exchange Offer aware (through
the Exchange Offer prospectus or otherwise) that (i) any broker-dealer who holds existing
securities acquired for its own account as a result of market-making activities or other trading
activities, and who receives New Securities in exchange for such existing securities pursuant to
the Exchange Offer, may be a statutory underwriter and must deliver a prospectus meeting the
requirements of the Securities Act (as described in Shearman & Sterling (available July 2,
1993)) in connection with any resale of such New Securities, and (ii) by executing the letter of
transmittal, any such broker-dealer represents that it will so deliver a prospectus meeting the
requirements of the Securities Act.
4. The Registrants will include in the transmittal letter or similar documentation to be
executed by an exchange offeree in order to participate in the Exchange Offer the following
additional provision: if the exchange offeree is a broker-dealer holding existing securities
acquired for its own account as a result of market-making activities or other trading activities,
an acknowledgement that it will deliver a prospectus meeting the requirements of the Securities Act
in connection with any resale of New Securities received in respect of such existing securities
pursuant to the Exchange Offer. The transmittal letter or similar documentation may also include a
statement to the effect that by so acknowledging and by delivering a prospectus, a broker-dealer
will not be deemed to admit that it is an underwriter within the meaning of the Securities Act.
5. None of the Registrants nor any affiliate of the Registrants has entered into any
arrangement or understanding with any broker-dealer to distribute the New Securities.
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Very truly yours,
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/s/ David I. Bell
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David I. Bell |
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Authorized Representative in the United States
for Grifols, S.A. |
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cc: Rose Zukin
Julie Allen