Billionaire Frost’s Opko to List in Tel Aviv for Prolor DealDavid Wainer
Opko Health Inc., led by billionaire Phillip Frost, is set to list shares on the Tel Aviv Stock Exchange as it seeks to complete the acquisition of Israeli drugmaker Prolor Biotech Inc.
Shares of the Miami-based drug developer, which are already listed on the New York Stock Exchange, will begin trading in Tel Aviv on Aug. 21, a bourse spokeswoman said by telephone today. In October, the stock will enter the Tel Aviv 25 Index, a gauge of the exchange’s largest companies by market value, she said.
Opko’s listing would enable it to pay Prolor shareholders in locally listed stock. The deal announced in April gave them 0.9951 Opko shares for each stock in Prolor. While the share swap valued Prolor at $480 million in April, a 12 percent increase in Opko’s shares since then has boosted the value to about $540 million.
Prolor’s stock, which will be delisted, has gained 27 percent since the deal was announced. The transaction is expected to close in the second half of this year, provided Opko and Prolor shareholders approve the merger in a vote on Aug. 28.
After selling Ivax Corp. to Teva for $7.4 billion in 2006, Frost and his associates began assembling Opko, a health-care holding company for diagnostic equipment and medical products. Frost is the chairman and largest shareholder in both Opko and Prolor and one of Prolor’s early investors. He’s also chairman of Teva.