The Law Firm of Wohl & Fruchter Commences Investigation into the Acquisition of PROLOR Biotech, Inc. by OPKO Health, Inc.
The Law Firm of Wohl & Fruchter Commences Investigation into the Acquisition of PROLOR Biotech, Inc. by OPKO Health, Inc. Business Wire NEW YORK -- April 24, 2013 The law firm of Wohl & Fruchter LLP has commenced an investigation into the proposed acquisition of PROLOR Biotech, Inc. (PROLOR) (NYSE: PBTH) by OPKO Health, Inc. (OPKO). PROLOR, based in Israel, is a development stage biopharmaceutical company engaged in the development of proprietary versions of already-approved therapeutic proteins for use in the treatment of conditions such as growth hormone deficiency, hemophilia, and arthritis. On April 24, 2013, PROLOR announced it had entered into an agreement under which OPKO will acquire PROLOR in an all-stock transaction. Under the terms of the agreement, PROLOR shareholders would receive 0.9951 shares of OPKO stock for each share of PROLOR stock they hold. Based on a price of $7.03 per share of OPKO stock as of the date of the announcement, the transaction is valued at approximately $480 million, or $7.00 per share of PROLOR stock. Dr. Phillip Frost, OPKO’s Chairman and Chief Executive Officer, is also the Chairman of PROLOR’s Board of Directors, and PROLOR’s largest shareholder. Wohl & Fruchter’s investigation concerns, among other things, whether approval of the merger was improperly motivated by conflicts of interest in light of Dr. Frost’s substantial PROLOR holdings and position as Chairman of PROLOR’s Board. At least one institutional shareholder has indicated that it believes PROLOR is worth “north of $10 per share.” Additional information is available at http://www.wohlfruchter.com/cases/pbth. Persons with relevant information, and PROLOR shareholders with questions about this investigation, are invited to contact our Firm by calling 866.582.8140, or contacting the attorney below. About Wohl & Fruchter Wohl & Fruchter LLP represents plaintiffs in litigation arising from fraud and other fiduciary breaches by corporate managers, as well as other complex litigation matters. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners. This release may be deemed to constitute attorney advertising. Contact: Wohl & Fruchter LLP J. Elazar Fruchter, 845-425-4658 firstname.lastname@example.org www.wohlfruchter.com