OPKO Completes Acquisition Of PROLOR Biotech
MIAMI and NES-ZIONA, Israel, Aug. 29, 2013
MIAMI and NES-ZIONA, Israel, Aug. 29, 2013 /PRNewswire/ --OPKO Health, Inc.
(NYSE: OPK) ("OPKO") and PROLOR Biotech, Inc. (NYSE MKT: PBTH) ("PROLOR")
jointly announced today the completion of the acquisition of PROLOR by OPKO.
Pursuant to the acquisition, stockholders of PROLOR will receive 0.9951 shares
of OPKO common stock for each share of PROLOR common stock.
"We are pleased to complete the acquisition of PROLOR and broaden our
portfolio of market-transforming therapies in selected specialty markets,"
commented Dr. Phillip Frost, OPKO's Chairman and Chief Executive Officer.
"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."
"We are delighted to join forces with OPKO and combine the complementary
strengths of the two companies, building on our focus of providing patients
with next-generation therapies intended to improve their health and quality of
life," commented Abraham Havron, Ph.D., Chief Executive Officer of PROLOR. "We
believe that OPKO's plan to leverage our research and development capabilities
in Israel is good news for our employees and our community, as we begin this
exciting new chapter in our evolution."
OPKO and PROLOR also announced today that the stockholders of both OPKO and
PROLOR approved all proposals presented at their respective stockholder
meetings held on August 28, 2013.
Barrington Research Associates, Inc., acted as the financial advisor to OPKO
in connection with the transaction. Jefferies LLC acted as financial advisor
to PROLOR in connection with the transaction, and Oppenheimer & Co. provided a
fairness opinion to PROLOR's Strategic Alternatives Committee. Akerman
Senterfitt acted as U.S. legal advisor to OPKO and Pearl Cohen Zedek Latzer
Baratz acted as OPKO's legal advisor in Israel. DLA Piper LLP (US) acted as
legal advisor to PROLOR's Strategic Alternatives Committee, Greenberg Traurig,
P.A. acted as U.S. legal advisor to PROLOR and Gornitzky & Co. acted as
PROLOR's legal advisor in Israel.
ABOUTOPKO HEALTH, INC.
OPKO is a multinational biopharmaceutical and diagnostics company that seeks
to establish industry leading positions in large, rapidly growing markets by
leveraging its discovery, development and commercialization expertise and
novel and proprietary technologies. For more information, visit
ABOUT PROLOR BIOTECH, INC.
PROLOR is a clinical stage biopharmaceutical company applying unique
technologies, including patented CTP technology, primarily to develop
longer-acting proprietary versions of already approved therapeutic proteins
that currently generate billions of dollars in annual global sales. The CTP
technology is applicable to virtually all proteins. In addition to its
long-acting version of human growth hormone, which successfully completed a
Phase II clinical trial, PROLOR is developing long-acting versions of Factor
VIIa and Factor IX for hemophilia and a GLP-1/Glucagon dual receptor agonist
peptide for diabetes and obesity. For more information, visit
SAFE HARBOR STATEMENT
This press release contains "forward-looking statements," as that term is
defined under the Private Securities Litigation Reform Act of 1995 (PSLRA),
which statements may be identified by words such as "expects," "plans,"
"projects," "will," "may," "anticipates," "believes," "should," "intends,"
"estimates," and other words of similar meaning, including statements
regarding the benefits resulting from the acquisition of PROLOR and statements
regarding PROLOR's and OPKO's products in development, as well as other
non-historical statements about our expectations, beliefs or intentions
regarding OPKO's and/or PROLOR's business, technologies and products,
financial condition, strategies or prospects. Many factors could cause our
actual activities or results to differ materially from the activities and
results anticipated in forward-looking statements. These factors include those
described in OPKO's and PROLOR's filings with the Securities and Exchange
Commission; the risk that the businesses will not be integrated successfully;
the risk that any potential synergies from the transaction may not be fully
realized or may take longer to realize than expected; the risk that the class
action lawsuits relating to the acquisition of PROLOR may result in a
significant monetary judgment against OPKO and PROLOR or a significant
settlement and may substantially divert management's time and resources; new
information arising out of clinical trial results; the risk that the Phase III
clinical trials for hGH-CTP or any of OPKO's products in development may not
be completed on a timely basis or at all; the risk that earlier clinical
results may not be reproducible or indicative of future results; the risk that
the safety and/or efficacy results of existing clinical trials will not
support continued clinical development; the risk that currently available
products, as well as products under development by others, may prove to be as
or more effective than PROLOR's or OPKO's products for the indications being
studied; as well as risks inherent in funding, developing and obtaining
regulatory approvals of new, commercially-viable and competitive products and
treatments. In addition, forward-looking statements may also be adversely
affected by general market factors, competitive product development, product
availability, federal and state regulations and legislation, the regulatory
process for new products and indications, manufacturing issues that may arise,
and patent positions and litigation, among other factors. The forward-looking
statements contained in this press release may become outdated over time. OPKO
and PROLOR do not assume any responsibility for updating any forward-looking
OPKO CONTACT: PROLOR CONTACT: PROLOR MEDIA:
Steve D. Rubin, Shai Novik, President Barbara Lindheim
Vice President - PROLOR Biotech, Inc. BLL Partners, LLC
Juan F. Rodrigez, Chief +1 866 644-7811 +1 212 584-2276
+1 305-575-4100 email@example.com firstname.lastname@example.org
OPKO Heath, Inc.
SOURCE OPKO Health, Inc.; PROLOR Biotech, Inc.
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