The Law Firm of Wohl & Fruchter Commences Investigation into the Acquisition
of PROLOR Biotech, Inc. by OPKO Health, Inc.
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 athttp://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.
Wohl & Fruchter LLP
J. Elazar Fruchter, 845-425-4658
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