May 05, 2015 11:07am EDT
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Developer of High Potency Specialty Pharmaceutical Products
Rich Pipeline of Products
Products Currently on the Market in the U.S., Europe and Japan
Adds Sophisticated Pharmaceutical Manufacturing Facilities in Ireland
Co-Founded by Former IVAX Pharmaceuticals Executives
MIAMI--(BUSINESS WIRE)--
OPKO Health, Inc. (NYSE: OPK )
is pleased to announce the acquisition of EirGen Pharma, Ltd., a
growing, profitable and cash flow positive specialty pharmaceutical
company focused on the development and commercial supply of high
potency, high barrier to entry, pharmaceutical products for sale in the
U.S., Canada, Japan, Australia, most European countries, and more than
40 others around the world.
EirGen, based in Waterford, Ireland, was founded by two former
executives of IVAX Pharmaceuticals, Tom Brennan and Patsy Carney. The
company, situated in a state of the art high containment research and
development, and manufacturing facility, is approved by the FDA, EMEA
(European Health Authorities) and the PMDA (Japanese Health
Authorities). High potency drugs such as those used for cancer
chemotherapy are typically unsuitable for manufacture in normal
multi-product facilities due to cross contamination risks.
To date, EirGen and its commercial partners have filed 10 product
applications with the FDA and 5 each in Europe and Japan. EirGen has a
strong research and development portfolio of over 20 niche, high barrier
to entry drugs and, with access to additional capital that OPKO will
provide, together with the benefits of Irish government programs to
encourage research and development in Ireland, EirGen will rapidly
expand its drug portfolio.
“EirGen Pharma is one of the leading developers and suppliers of high
potency niche pharmaceutical products in the world,” said Phillip Frost,
M.D. OPKO’s Chairman and CEO. “As FineTech, OPKO’s Israeli active
pharmaceutical ingredient manufacturing subsidiary, is also focused on
high potency drugs, an immediate business synergy is expected. EirGen
also offers the significant benefit of potentially being able to
manufacture OPKO’s current and future products in our own facilities,
which we expect will result in even higher gross margins. The superb
management, research and development, manufacturing and product
distribution teams, along with state of the art facilities, together,
will create an important, tax efficient base of operations for OPKO,”
said Dr. Frost.
ABOUT OPKO HEALTH, INC.
OPKO is a multinational biopharmaceutical and diagnostics company that
seeks to establish industry leading positions in large, rapidly growing
markets by leveraging its discovery, development and commercialization
expertise and novel and proprietary technologies. For more information,
visit http://www.opko.com .
SAFE HARBOR STATEMENT
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 expected benefits of the
acquisition of EirGen, the expected synergies from the transaction,
including whether EirGen will manufacture OPKO’s products in
development, expectations about higher gross margins, expectations about
the rapid expansion or EirGen’s drug portfolio, whether EirGen’s or
OPKO’s products will be successful and contribute to improved margins,
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 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 integration of EirGen,
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.
OPKO Health, Inc.
Steve D. Rubin or Adam Logal, 305-575-4100
Source: OPKO Health, Inc.
Released May 5, 2015
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