OPKO Health Completes $480 Mln. Acquisition Of PROLOR Biotech

(RTTNews) - OPKO Health Inc. (OPK), a biopharmaceutical and diagnostics company, said Thursday it has completed the $480 million acquisition of PROLOR Biotech Inc. (PBTH), a clinical stage biopharmaceutical company.

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," said Phillip Frost, OPKO's 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..," said Frost.

In April, OPKO agreed to buy PROLOR for about $480 million or $7 per share of PROLOR, in an all-stock deal, in a bid to gain PROLOR's long-acting version of human growth hormone, hGH-CTP, which is in late-stage trials.