Grifols, a big pharma company, has entered into a $41.4 million equity purchase financing deal with Aradigm. Grifols will (upon receipt of Aradigm shareholders’ approval) acquire 35% of Aradigm’s common stock on a fully diluted basis at a price per share of $0.124 for a total financing investment of approximately $26 million in the equity purchase financing deal. Existing Aradigm shareholders, including Tavistock Life Sciences Company and accounts managed by First Eagle Investment Management, LLC, and new investors Great Point Partners, LLC will co-invest in the stock purchase financing transaction.

They will purchase an additional approximately $15.4 million in Aradigm common stock. The financing transaction is subject to certain closing conditions and is expected to close in the second half of 2013.

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