Prolor Biotech acquired by Opko Health for $480mApr. 23, 2013
Prolor Biotech Inc. has been acquired by Miami-based Opko Health Inc. (NYSE: OPK) for $480 million in shares, one third more than its market cap of $370 million. Opko will pay $7 per share for Prolor, which develops longer-lasting proprietary versions of already-approved therapeutic proteins. The company's lead product is a longer-lasting human growth hormone. Teva Pharmaceutical Industries Ltd. chairman Dr. Phillip Frost is also chairman and CEO of Opko Health and a major shareholder in Prolor.
The deal will be closed during the second half of 2013.
Prolor's long-acting version of human growth hormone, hGH-CTP, has successfully completed four clinical trials, including a Phase II trial in adults with growth hormone deficiency, which showed that the company's version can be injected once a week, instead of the daily injections needed for the current treatment. The company, which is based in Ness Ziona, is currently conducting a Phase II clinical trial of the drug on children, and a Phase III trial on adults is due to begin during the second quarter. Both the US Food and Drug Administration (FDA) and European Medicines Agency (EMA) have granted hGH-CTP orphan drug status for treating children and adults with growth hormone deficiency.
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