In keeping with its objective to broaden its portfolio of market-transforming therapies in selected specialty markets, Opko Health (OPK 4.58%) has acquired Prolor Biotech (NYSEMKT: PBTH) in an all-stock deal.
Based on Opko's $7.03 share price at the time of the acquisition, the value of the deal is $480 million, and Opko will pay $7.00 per share for Prolor's stock. The deal is expected to close in the second half of 2013, subject to certain conditions including the approval of stockholders of both companies and other customary closing conditions.
Prolor's long-acting version of human growth hormone hGH-CTP has successfully completed four clinical trials, including a phase 2 trial in adults with growth hormone deficiency. hGH-CTP has been awarded orphan drug designation in the U.S. and Europe for both adults and children with GHD. A phase 2 trial in children with GHD is currently ongoing, and a phase 3 trial in adults with GHD is planned to begin in the second quarter of 2013.
Opko Health Chairman and CEO Dr. Phillip Frost said: "With the inclusion of Prolor's pipeline, Opko will have 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 will complement Opko's strategy."
Opko is a multinational biopharmaceutical and diagnostics company specializing in leveraging its discovery, development, and commercialization expertise in novel and proprietary technologies.