OPKO Health Announces Acquisition of Growing European Healthcare Company
OPKO Health, Inc.
OPKO Health, Inc. (NYSE:OPK) today announced its acquisition of Farmadiet Group Holding, S.L., a Barcelona-based company currently engaged in the development, manufacture, marketing, and sale of pharmaceutical, nutraceutical, and veterinary products.
With this acquisition, OPKO establishes a presence in the European Union through an established regional, integrated specialty pharmaceutical participant. This acquisition also allows OPKO near term product commercialization synergies through introduction of Farmadiet’s products to OPKO’s existing Latin American operations. Farmadiet’s robust product development pipeline also offers many near-term new product entry opportunities.
Phillip Frost, M.D., OPKO's Chairman and Chief Executive Officer, commented, "This acquisition is an excellent strategic fit as we expand our global manufacturing, sales and distribution capabilities for a growing range of products. More specifically, through this acquisition, we further invigorate our strategic aim of broadening our footprint within the expanding worldwide pharmaceutical market while capitalizing on important commercial synergies across our existing operating base. We anticipate important launches near-term of products from Farmadiet’s rich pipeline. We also expect Farmadiet to market OPKO’s diagnostics and pharmaceutical products as they become available for market and sale. Finally, we are extremely pleased to benefit from Farmadiet’s experienced, highly successful, management team and their many years of product development and commercial expertise,” said Dr. Frost.
Further details of the agreement will be included in OPKO’s 8-K filing with the Securities and Exchange Commission.
We are a multi-national biopharmaceutical and diagnostics company that seeks to establish industry-leading positions in large and rapidly growing medical markets by leveraging our discovery, development and commercialization expertise and our novel and proprietary technologies.