OPKO Health, the Miami-based pharmaceutical and medical diagnostics company run by Phillip Frost, completed its acquisition of Transition Therapeutics, a biopharmaceutical development company headquartered in Canada. The acquisition, valued at about $60 million, gives OPKO two drugs in the late stages of development, one for diabetes and obesity and another for male hormone-related problems.
Shareholders of Transition Therapeutics will receive an aggregate of 6.4 million shares of OPKO common stock, or 0.1657 share of OPKO for each common share of Transition Therapeutics. OPKO was represented by Greenberg Traurig.
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