August 26, 2016 8:52am EDT
Download as PDF
MIAMI--(BUSINESS WIRE)--
OPKO Health, Inc. (Nasdaq: OPK) , announces that at a Special
Shareholder Meeting held on August 25, 2016 shareholders of Transition
Therapeutics, Inc. (NASDAQ:TTHI, TSX: TTH) holding approximately 93% of
the outstanding common shares, voted to approve the previously announced
agreement under which OPKO Health will acquire Transition Therapeutics.
The acquisition is subject to final approval of the Ontario Superior
Court Justice (the “Court”). The Court hearing for the final order is
scheduled to take place on August 29, 2016, and the acquisition is
expected to close on September 1, 2016.
“We are pleased with this vote of confidence from the Transition
Therapeutics shareholders as it underscores their confidence in our
ability to leverage the potential of Transition Therapeutics’ clinical
programs and the opportunity for shareholders of Transition Therapeutics
to participate in the continued growth and development of OPKO’s strong
pipeline,” said Phillip Frost, M.D., CEO and Chairman of OPKO Health.
“This acquisition provides OPKO with two late stage drug candidates,
each of which holds exceptional market potential and complements OPKO's
development pipeline."
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 the timetable for completing the
proposed transaction, synergies, benefits and opportunities of the
proposed transaction, future opportunities for the combined company and
products, the potential for Transition Therapeutics’ products, 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/20160826005276/en/
Company
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 August 26, 2016
email Email Alerts
location_city Company Profile
contact_page Contacts
rss_feed RSS News Feed
account_tree Sitemap
Apply on OPKO Health (Ireland)’s careers page