OPKO Health Completes Acquisition of Transition Therapeutics

August 31, 2016 1:00am EDT

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MIAMI--(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.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160830006574/en/

Company

OPKO Health, Inc.

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Source: OPKO Health, Inc.

Released August 31, 2016

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