Grifols, S.A. (NASDAQ:GRFS) shares rose after announcing a strategic alliance and share purchase agreement with Haier Group Corp, involving the sale of a 20% equity stake in Shanghai RAAS for approximately $1.8 billion. The collaboration aims to combine Grifols' plasma and diagnostic expertise with Haier's healthcare solutions, focusing on China's healthcare system. The proceeds will be used to reduce Grifols' debt, and they will retain a 6.58% stake in SRAAS and a board seat. The agreement also extends their exclusive albumin distribution agreement in China for up to 20 years, with guaranteed supply volumes for the next five years. China's albumin demand is over 50% of the global consumption and is expected to grow, which could contribute to Grifols' growth into 2024. GRFS shares were up 9.74% to $11.55.