Transition Therapeutics Shareholders Approve Acquisition by OPKO Health
August 26 2016 - 8:52AM
Business Wire
OPKO Health, Inc. (Nasdaq: OPK), announces that at a
Special Shareholder Meeting held on August 25, 2016 shareholders of
Transition Therapeutics, Inc. (NASDAQ:TTHI, TSX: TTH) holding
approximately 93% of the outstanding common shares, voted to
approve the previously announced agreement under which OPKO Health
will acquire Transition Therapeutics. The acquisition is subject to
final approval of the Ontario Superior Court Justice (the “Court”).
The Court hearing for the final order is scheduled to take place on
August 29, 2016, and the acquisition is expected to close on
September 1, 2016.
“We are pleased with this vote of confidence from the Transition
Therapeutics shareholders as it underscores their confidence in our
ability to leverage the potential of Transition Therapeutics’
clinical programs and the opportunity for shareholders of
Transition Therapeutics to participate in the continued growth and
development of OPKO’s strong pipeline,” said Phillip Frost, M.D.,
CEO and Chairman of OPKO Health. “This acquisition
provides OPKO with two late stage drug candidates, each
of which holds exceptional market potential and complements OPKO's
development pipeline."
About Transition Therapeutics
Transition Therapeutics is a biopharmaceutical development
company advancing novel therapeutics for CNS, metabolic diseases
and androgen deficiency indications. The company's wholly-owned
subsidiary, Transition Therapeutics Ireland Limited, has two
development programs: CNS drug candidate ELND005 for the treatment
of Alzheimer's disease and Down syndrome; and selective androgen
receptor modulator drug candidate TT701. Transition's lead
metabolic drug candidate is TT401 for the treatment of type 2
diabetes and accompanying obesity. For additional information about
the Company, please visit www.transitiontherapeutics.com.
About OPKO Health, Inc.
OPKO Health, Inc. is a diversified healthcare company that seeks
to establish industry-leading positions in large, rapidly growing
markets. Our diagnostics business includes Bio-Reference
Laboratories, the nation's third-largest clinical laboratory with a
core genetic testing business and a 420-person sales force to drive
growth and leverage new products, including the 4Kscore prostate
cancer test and the Claros 1 in-office immunoassay platform. Our
pharmaceutical business features RAYALDEE, an FDA approved
treatment for SHPT in stage 3-4 CKD patients with vitamin D
insufficiency, and VARUBI™ for chemotherapy-induced nausea and
vomiting (oral formulation launched by partner Tesaro and IV
formulation PDUFA is January 2017). Our biologics business includes
hGH-CTP, a once-weekly human growth hormone injection (in Phase 3
and partnered with Pfizer), a long-acting Factor VIIa drug for
hemophilia (in Phase 2a) and a long acting oxyntomodulin for
diabetes and obesity (in Phase 1). We also have production and
distribution assets worldwide, multiple strategic investments and
an active business development strategy. More information is
available at www.opko.com.
Cautionary Statement Regarding Forward-Looking
Statements
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
timetable for completing the proposed transaction, synergies,
benefits and opportunities of the proposed transaction, future
opportunities for the combined company and products, the potential
for Transition Therapeutics’ products, the growth, development and
strength of OPKO’s pipeline,, as well as other non-historical
statements about our expectations, beliefs or intentions regarding
our 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 our Annual Reports on Form 10-K filed
and to be filed with the Securities and Exchange Commission and in
our other filings with the Securities and Exchange Commission. The
forward-looking statements contained in this press release speak
only as of the date the statements were made, and we do not
undertake any obligation to update forward-looking statements. We
intend that all forward-looking statements be subject to the
safe-harbor provisions of the PSLRA.
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version on businesswire.com: http://www.businesswire.com/news/home/20160826005276/en/
CompanyOPKO Health, Inc.Tara Mackay, 305-575-4100Investor
RelationsorMediaRooney & AssociatesTerry Rooney,
212-223-0689trooney@rooneyco.comorMarion Janic,
212-223-4017mjanic@rooneyco.comorInvestorsLHAAnne Marie
Fields, 212-838-3777afields@lhai.comorBruce Voss,
310-691-7100bvoss@lhai.com
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