OPKO Health Inc said it would purchase biopharmaceutical company Prolor Biotech Inc in an all-stock deal to expand its portfolio of specialty drugs. Prolor shareholders will receive 0.9951 shares of OPKO common stock for each Prolor share or $7 dollars per share, which values the deal at $480 million.The deal represents a 20 percent premium based on Prolor's Tuesday closing price."Prolor's drug-product candidates for growth hormone deficiency, hemophilia, obesity and diabetes ... are highly valuable assets that will complement OPKO's strategy," OPKO Chief Executive Phillip Frost said in a statement on Wednesday.The companies expect the transaction to close by the second half of 2013.
OPKO Health, Inc. (OPKO), incorporated in October 1991, is a multi-national pharmaceutical and diagnostics company. Shares of OPK remained unchanged at $7.06. In the past year, the shares have traded as low as $4.00 and as high as $7.83. On average, 1819660 shares of OPK exchange hands on a given day and today's volume is recorded at 0.
PROLOR Biotech, Inc. (Prolor) is a development-stage biopharmaceutical company, utilizing technology to develop longer-acting, versions of therapeutic proteins. Shares of PBTH remained unchanged at $5.83. In the past year, the shares have traded as low as $4.25 and as high as $6.38. On average, 132019 shares of PBTH exchange hands on a given day and today's volume is recorded at 0.
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