Tuesday, December 16, 2014 4:09:16 PM
BY Pamela Taulbee | 12/16/14 - 11:38 AM EST
Pfizer Inc. (PFE) is set to pay Opko Health Inc. (OPK) a fairly pricey $295 million upfront fee to gain global development and commercial rights to Opko's late-stage, long-acting human growth hormone, the parties said Monday.
Miami-based Opko gained the compound, hGH-CTP, and its technology to extend the action of biologics with its $480 million all-stock acquisition of Israel's Prolor Biotech Inc. in April 2013. Pfizer was reportedly interested in buying Prolor at the time, which may explain the high price and unusual deal terms.
In addition to the upfront payment, Opko could get up to $275 million in milestone fees pegged to regulatory actions. Upon commercialization of hGH-CTP for adult growth hormone deficiency (GHD), Pfizer has agreed to pay royalties on sales. After the compound gains regulatory approval for pediatric GHD, those royalties would transition to allow Opko gross profit sharing for hGH-CTP and Pfizer's product Genotropin (somatropin [rDNA origin]).
The transaction, subject to Hart-Scott-Rodino approval, is expected to close in the first quarter 2015.
Opko's hGH-CTP is now in Phase 3 clinical trials for adults and Phase 2 for pediatric use. Opko would continue to lead the clinical activities and fund the development programs for the key indications, which include pediatric SGA. That term refers to "small gestational age," and applies to children who fail to show catch-up growth by age two. hGH-CTP could offer more convenience for patients, as it requires less frequent dosing -- weekly injections rather than the daily injections required by current therapies.
The global growth hormone market is estimated at more than $3 billion, according to Opko.
"Pfizer's strengths, expertise and presence in the human growth hormone space makes them the ideal partner for our hGH-CTP program," Opko's CEO Phillip Frost said in a statement. "Our collaboration enables full alignment between Pfizer and Opko to optimize development and potentially bring an innovative treatment to patients."
Frost is chairman of Israel-based pharma giant Teva Pharmaceutical Industries Ltd. (TEVA) . He made his fortune selling Ivax Corp. to Teva in 2006. Now as Opko CEO, he steers the company to acquire drugs under development in large and rapidly growing medical markets by pursuing acquisitions and investing in early stage drug companies, as well as undertaking organic growth. Opko divisions include point-of-care diagnostics, novel molecular diagnostics and proprietary pharmaceuticals and vaccines.
Recent OPK News
- OPKO Health to Report First Quarter 2024 Financial Results on May 7, 2024 • GlobeNewswire Inc. • 05/03/2024 12:00:00 PM
- Labcorp Announces Acquisition of Select Assets of BioReference Health's Diagnostics Business • PR Newswire (US) • 03/28/2024 12:00:00 PM
- Entera Bio Announces Robust Pharmacokinetic Data for First-in-Class Oral GLP-2 Peptide Tablet Treatment for Patients with Short Bowel Syndrome • GlobeNewswire Inc. • 03/20/2024 12:00:00 PM
- Form ARS - Annual Report to Security Holders • Edgar (US Regulatory) • 03/07/2024 09:02:37 PM
- AIDS Clinical Trial Group Presents Results from Phase 1 Study of ModeX Trispecific Antibody for the Treatment and Prevention of HIV • GlobeNewswire Inc. • 03/05/2024 01:52:22 PM
- Form NT 10-K - Notification of inability to timely file Form 10-K 405, 10-K, 10-KSB 405, 10-KSB, 10-KT, or 10-KT405 • Edgar (US Regulatory) • 03/01/2024 09:05:23 PM
- NextPlat Opens OPKO Health-Branded Storefront on Alibaba's Tmall Global Platform in China on March 1st • PR Newswire (US) • 02/28/2024 02:31:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/27/2024 09:07:54 PM
- OPKO Health Reports Fourth Quarter 2023 Business Highlights and Financial Results • GlobeNewswire Inc. • 02/27/2024 09:05:00 PM
- OPKO Health to Report Fourth Quarter 2023 Financial Results on February 27, 2024 • GlobeNewswire Inc. • 02/22/2024 09:05:00 PM
- Form PRE 14A - Other preliminary proxy statements • Edgar (US Regulatory) • 02/16/2024 09:53:15 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/09/2024 09:07:24 PM
- NextPlat Receives Initial Approvals to Launch OPKO Health-Branded Storefront on Alibaba's Tmall Global Platform in China • PR Newswire (US) • 02/05/2024 01:09:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/29/2024 08:30:14 PM
- Form SC 13D/A - General statement of acquisition of beneficial ownership: [Amend] • Edgar (US Regulatory) • 01/24/2024 09:15:49 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/24/2024 09:00:39 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/17/2024 10:09:48 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/10/2024 10:56:45 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/09/2024 10:09:07 PM
- OPKO Health Announces Closing of Private Offering of $230 Million Convertible Senior Notes Due 2029 including Full Exercise of Initial Purchaser’s Option to Purchase Additional Notes • GlobeNewswire Inc. • 01/09/2024 09:05:28 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/08/2024 02:10:34 PM
- OPKO Health to Present at the 42nd Annual J.P. Morgan Healthcare Conference • GlobeNewswire Inc. • 01/08/2024 01:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/05/2024 10:26:26 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/05/2024 09:00:01 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/05/2024 06:39:36 PM
FEATURED Cannabix Technologies Launches New Compact Breath Logix Workplace Series and Prepares for Delivery to South Africa • May 7, 2024 8:51 AM
Moon Equity Holdings, Corp. Announces Acquisition of Wikolo, Inc. • MONI • May 7, 2024 9:48 AM
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM