Opko Health to acquire Prolor Biotech
Expands portfolio of products targeting GHD, haemophilia, obesity and diabetes
Miami-based Opko Health is to purchase Prolor, an Israeli biopharmaceutical company focused on developing therapeutic proteins, in an all-stock deal to expand its portfolio of specialist drugs.
Prolor shareholders will receive 0.9951 shares of Opko common stock for each Prolor share or $7.03 per share, which values the deal at approximately US$480m.
‘Prolor's drug-product candidates for growth hormone deficiency, haemophilia, obesity and diabetes, along with its broadly applicable technology platforms and efficient research and development centre are highly valuable assets that will complement Opko's strategy,’ said Opko’s Chairman and Chief Executive Phillip Frost.
‘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.’
The companies expect the transaction to be completed during the second half of this year.
With the inclusion of Prolor's pipeline, Opko will have four significant products in Phase III clinical development
Prolor's long-acting version of human growth hormone, hGH-CTP, has successfully completed four clinical trials, including a Phase II trial in adults with growth hormone deficiency (GHD). The trials showed that hGH-CTP has the potential to reduce the required dosing frequency of human growth hormone from the current standard of one injection a day to a single weekly injection.
A Phase II trial in children with GHD is currently underway, and a Phase III trial in adults with GHD is likely to start later this year. It has won orphan drug designation in the US and Europe for both adults and children with GHD.
Prolor also has long-acting clotting factors in preclinical development for haemophilia based on its Carboxyl Terminal Peptide (CTP) technology. When attached to a therapeutic protein, CTP significantly extends the length of time the protein remains active in the body.
CTP is exclusively licensed to Prolor for all proteins and peptides, except for four endocrine proteins that are licensed to Merck. One of these, fertility drug Elonva, is already marketed by Merck & Co in Europe.