Opko Health Chairman and CEO Dr. Phillip Frost.
In a marriage of two companies chaired by Miami Beach entrepreneur Phillip Frost, Opko Health completed its acquisition of Israel?s Prolor Biotech.
The Miami-based pharmaceutical and biotechnology company (NYSE: OPK) paid 0.9951 of each shares for each single share of Prolor (NYSE: PBTH). The deal is valued at $480 million.
Both companies also trade on the Tel-Aviv Stock Exchange. Frost is the largest shareholder of both companies.
?We are pleased to complete the acquisition of Prolor and broaden our portfolio of market-transforming therapies in selected specialty markets,? Frost stated in a news release. ?With the inclusion of Prolor's pipeline, Opko now has four significant products in Phase III clinical development and a robust pipeline of important therapeutic and unique diagnostic products in various stages of development. Prolor's drug product candidates for growth hormone deficiency, hemophilia, obesity and diabetes, along with its broadly applicable technology platforms and efficient research and development center, are highly valuable assets that complement Opko's growth strategy."
Shares of Opko were down 25 cents, or 2.9 percent, to $8.33 on Thursday afternoon in heavier than normal volume. The 52-week high was $9.02 on Aug. 26. The 52-week low was $4.05 on Sept. 26, 2012.
Brian Bandell covers banking, finance, health care and education. Get the latest banking industry news here.
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