OPKO Health Acquires Transition Therapeutics - Quick Facts

(RTTNews) - OPKO Health, Inc. (OPK) and Transition Therapeutics Inc. (TTHI, TTH.TO) announced the signing of a definitive agreement under which OPKO will acquire Transition Therapeutics, a clinical stage biotechnology company. Transition Therapeutics security holders will receive approximately 6.4 million shares of OPKO common stock. The transaction is valued at approximately $60 million, or $1.55 per share of Transition Therapeutics common stock.

Phillip Frost, CEO of OPKO, stated: "This acquisition provides OPKO with two late stage drug candidates, each of which holds exceptional market potential. We believe TT401, a once-weekly dual GLP1/Glucagon agonist that recently showed success in a 420-patient phase 2 study, will complement OPKO's existing oxyntomodulin product candidate (MOD-6031), which may provide enhanced therapeutic benefit through targeted delivery. The selective androgen receptor modulator, TT701, could meet an important need in patients who can benefit from its anabolic effects without the risks associated with testosterone products. We believe it fits well with our Claros 1 point-of-care diagnostic products under development for testosterone and PSA, which could serve as companion diagnostics."