December 19, 2013 10:20am EST
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Contributes Approximately $22 million to Cash Position; Almost
Ten-Fold Return on Original Investment
MIAMI--(BUSINESS WIRE)--
OPKO Health, Inc. (NYSE: OPK )
has completed the sale of its stake in Sorrento Therapeutics, Inc.
(NASDAQ: SRNE), a publicly-traded, clinical-stage biopharmaceutical
company focused primarily on the acquisition, discovery, development and
commercialization of proprietary therapeutics (“Sorrento”). The sale of
Sorrento shares adds approximately $22 million to OPKO’s cash position
and represents an approximate ten-fold return of OPKO’s 2009 investment.
"The highly successful exit from our investment in Sorrento further
crystallizes our strategy of making small investments in other health
care companies to either have access to new technology for our product
pipeline or to benefit from appreciation in the value of our
investment,” said Phillip Frost, M.D., Chairman and CEO of OPKO.
“Following this sale, our investment portfolio in other health care
companies is still far in excess of our cost.”
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.
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 our strategy of making small
investments in other health care companies and whether the value of our
investments will appreciate, 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
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.
Steven D. Rubin or Juan F. Rodriguez,
Source: OPKO Health, Inc.
Released December 19, 2013
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