November 06, 2015 11:24am EST
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MIAMI--(BUSINESS WIRE)--
OPKO Health, Inc. (NYSE:OPK) today announced today that it has
successfully closed on a new five-year $175.0 million secured revolving
credit facility with JPMorgan Chase. The new facility replaced
Bio-Reference Laboratories’ previous $120.0 million secured revolving
credit facility.
"We are excited to enter into a partnership with one of the world's
premier banking institutions, JPMorgan Chase," commented Phillip Frost,
MD, Chairman & CEO of OPKO. "The improved terms will provide us with the
ability to leverage Bio-Reference’s earnings and balance sheet while
lowering our overall cost of capital."
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™, a treatment for SHPT in stage 3-4 CKD patients with vitamin D
insufficiency (March 29, 2016 PDUFA date) and VARUBI™ for
chemotherapy-induced nausea and vomiting (oral formulation approved by
FDA and pending launch by partner Tesaro, IV formulation in Phase 3).
Our biologics business includes hGH-CTP, a once-weekly human growth
hormone injection (in Phase 3 and partnered with Pfizer), and a
long-acting Factor VIIa drug for hemophilia (entering Phase 2a). 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 .
About JPMorgan Chase
JPMorgan Chase & Co. (NYSE:JPM) is a leading global financial services
firm with assets of $2.5 trillion and operations worldwide. The Firm is
a leader in investment banking, financial services for consumers and
small businesses, commercial banking, financial transaction processing,
and asset management. A component of the Dow Jones Industrial Average,
JPMorgan Chase & Co. serves millions of consumers in the United States
and many of the world's most prominent corporate, institutional and
government clients under its J.P. Morgan and Chase brands. Information
about JPMorgan Chase & Co. is available at www.jpmorganchase.com .
Safe Harbor Statement
This press release includes forward looking statements, within the
meaning of the Private Securities Litigation Reform Act of 1995, which
are subject to risk and uncertainties that could cause actual results to
differ materially from those anticipated. Such statements may relate to
OPKO's plans, objectives and expected financial and operating results,
including statements regarding expectations of the Company’s earnings
and cost of capital. The words "may," "could," "would," "will,"
"believe," "anticipate," "estimate," "expect," "intend," "plan," and
similar expressions or variations thereof are intended to identify
forward-looking statements. Investors are cautioned that any such
forward-looking statements are not guarantees of future performance and
involve risks and uncertainties, many of which are beyond OPKO's ability
to control. The risks and uncertainties that may affect forward looking
statements include, but are not limited to: currency fluctuations,
volatility in the trading price for our common stock and the Notes,
global economic and political conditions, marketing demand for OPKO's
products and services, long sales cycles, new product development,
assimilating future acquisitions, maintaining relationships with
customers and partners, and increased competition. For more details
about the risks and uncertainties related to OPKO's business, refer to
OPKO's filings with the Securities and Exchange Commission. OPKO
undertakes no obligation to publicly update or revise any forward
looking statements, whether as a result of new information, future
events or otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151106005714/en/
OPKO Health, Inc.
Tara Mackay, 305-575-4100
Investor Relations
or
Media
Rooney
& Associates
Terry Rooney, 212-223-0689
or
Marion
Janic, 212-223-4017
or
Investors
LHA
Anne
Marie Fields, 212-838-3777
or
Bruce
Voss, 310-691-7100
Source: OPKO Health, Inc.
Released November 6, 2015
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