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OPKO Health ($OPK) announced today that it is poised to acquire Israel-based Prolor Biotech in an all-stock transaction valued at $480 million, or $7 per share of Prolor common stock.
In an official statement, OPKO CEO Dr. Phillip Frost said the acquisition represents the biotech's objective of broadening its portfolio of market-transforming therapies in certain specialty markets.
"With the inclusion of PROLOR's pipeline, OPKO will have four significant products in Phase III clinical development and a robust pipeline of important therapeutic and unique diagnostic products in various stages of development," said Frost, who is also chairman of Israel-based Teva Pharmaceutical Industries...