OPKO Health, a Miami company headed by physician-entrepreneur Phillip Frost, announced Friday the purchase of Farmadiet Group Holding, a Barcelona-based company that develops, makes and markets pharmaceutical, nutraceutical, and veterinary products.
The purchase establishes a presence in the European union, OPKO said in a press release. Terms of the deal were not announced.
In a prepared statement, Frost called the purchase “an excellent strategic fit” as the company expands its global reach. The company already has a significant presence in Latin America.
OPKO’s most recent financial report, for the quarter that ended March 31, showed revenue of $8.8 million, research costs of $4.8 million and a net loss of $9.2 million to shareholders of common stock.