OPKO Health Completes Acquisition of Transition Therapeutics
August 31 2016 - 1:00AM
Business Wire
OPKO Health, Inc. (NASDAQ: OPK), announces that it has
completed its previously announced acquisition of Transition
Therapeutics, Inc. (NASDAQ: TTHI, TSX: TTH), by way of a plan of
arrangement (the “Arrangement”) which was approved by Transition
Therapeutics’ shareholders at their meeting held on August 25,
2016. Pursuant to the Arrangement, shareholders of Transition
Therapeutics will receive an aggregate of approximately 6.4 million
shares of OPKO common stock, or 0.1657 shares of OPKO common stock
for each common share of Transition Therapeutics. The Arrangement
was approved by the Ontario Superior Court of Justice in its final
order dated August 29, 2016.
“We are pleased to complete the acquisition of Transition
Therapeutics as it provides us with two late-stage drug candidates,
each of which holds exceptional market opportunity and has direct
synergies with our clinical development pipeline,” said Phillip
Frost, M.D., CEO and Chairman of OPKO Health. “With the transaction
complete, we look forward to advancing these promising programs to
the benefit of patients suffering from Type II diabetes and obesity
or certain male hormone related problems."
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
synergies, benefits and opportunities of the transaction, future
opportunities for the combined company and products, the potential
for Transition Therapeutics’ products and whether they will benefit
patients suffering with metabolic and androgen deficiency diseases,
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/20160830006574/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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