OPKO Health, Inc.(OPK), a multinational biopharmaceutical and diagnostics company, Wednesday said it agreed to buy PROLOR Biotech, Inc.(PBTH), a clinical stage biopharmaceutical company for about $480 million or $7 per share of PROLOR, in an all-stock deal. Through this, OPKO could gain PROLOR's long-acting version of human growth hormone, hGH-CTP, which is in late-stage trials.
Following the agreement, PROLOR shareholders will receive 0.9951 shares of OPKO for each share of PROLOR common stock. This is priced at $7.03 per share of OPKO common stock.
Phillip Frost, CEO of OPKO said,"With the inclusion of PROLOR's pipeline, OPKO will have 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 will complement OPKO's strategy."
Barrington Research Associates, Inc., acted as the financial advisor to OPKO Health. Jefferies LLC acted as financial advisor to PROLOR Biotech and the Strategic Alternatives Committee on the transaction.
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