Talecris Biotherapeutics' top executive has been tight-lipped since June, when the company announced its $4 billion buyout by Grifols of Spain.

This morning, the company reported stronger quarterly earnings but CEO Larry Stern once again didn't hold a conference call with Wall Street analysts.  He hasn't publicly commented on the progress of the deal, or much else.

But in an internal employee newsletter this month, Stern emphasizes that the company is continuing its work producing medicine from blood plasma, regardless of the merger with Grifols.

He also raises the possibility that the deal might not happen.

"Whether U.S. and global regulatory authorities approve the merger with Grifols, or we are once again left standing at the altar, I'm confident we have the strategies, plans and entrepreneurial team to embrace change and actively shape our destiny," Stern wrote.

The Spanish company that plans to buy Talecris Biotherapeutics for $4 billion will owe some hefty break-up fees if it scraps the deal.

If Grifols drops the acquisition because it's blocked by antitrust regulators or the company can't raise the necessary financing, it will owe Talecris $375 million, according to filing with the Securities and Exchange Commission.

Such fees are standard clauses for a merger involving publicly traded companies.

But Grifols' potential payout is much higher than the $75 million break-up fee Talecris received last year. It got the money when its $3.1 billion buyout by CSL Ltd. of Australia was called off after that deal ran into opposition from U.S. antitrust regulators.