October 02, 2009 9:32am EDT
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MIAMI--(BUSINESS WIRE)--
OPKO Health, Inc. (NYSE Amex: OPK) today announced that it has entered
into a definitive agreement to acquire Pharma Genexx S.A., a
privately-held Chilean pharmaceutical company engaged in the
representation, importation, commercialization and distribution of
pharmaceutical products, OTC products and medical devices for the
government, private and institutional markets. The closing of the
transaction, subject to customary closing conditions, is expected to
occur in the next several days.
OPKO will acquire Pharma Genexx S.A. for US $16 million in an all cash
transaction from FASA, the largest drugstore chain in Latin America, and
Laboratorios Volta S.A., a Chilean pharmaceutical company. Pharma Genexx
started operations in 2006 and has since enjoyed continued growth in
sales and profits. Pharma Genexx had sales of approximately US $11
million in 2008 and approximately US $7.6 million for the first six
months of 2009.
Phillip Frost, OPKO's Chairman and Chief Executive Officer, commented,
"We believe this acquisition to be an excellent strategic fit for OPKO
as we broadly expand into international markets. We plan to extend the
range of therapeutic areas covered by our products while maintaining a
position in ophthalmology."
About OPKO Health, Inc.
Miami-based OPKO is a specialty healthcare company involved in the
discovery, development, and commercialization of proprietary
pharmaceutical products, medical devices, vaccines, diagnostic
technologies and imaging systems. Initially focused on the treatment and
management of ophthalmologic diseases, OPKO has since expanded into
other areas of major unmet medical need such as oncology, infectious
diseases and neurological disorders.
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 continued growth in sales and
profit, our efforts to expand internationally and extend the range of
therapeutic areas covered by our products, statements regarding our
product development efforts, 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, including that the acquisition of
Pharma Genexx may be delayed or may not be consummated at all, and that
Pharma Genexx's profitability and growth may not continue. These factors
include those described in our filings with the Securities and Exchange
Commission, as well as risks inherent in funding, developing and
obtaining regulatory approvals of new, commercially-viable and
competitive products and treatments. In addition, forward-looking
statements may also be adversely affected by general market factors,
competitive product development, product availability, federal and state
regulations and legislation, the regulatory process for new products and
indications, manufacturing issues that may arise, patent positions and
litigation, among other factors. 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.
Source: OPKO Health, Inc.
Released October 2, 2009
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