OPKO Health Announces Sale of its Sterile Fill and Finish Manufacturing Facility in Ireland
June 17 2021 - 7:00AM
OPKO Health, Inc. (NASDAQ: OPK) announces that its
subsidiary, EirGen Pharma, Ltd., has entered into a definitive
agreement to sell one of its facilities in Waterford, Ireland to
Horizon Therapeutics plc (Nasdaq: HZNP) for $65 million in
cash less certain assumed and accrued liabilities relating to
transferred employees. The facility houses EirGen’s
sterile-fill-finish business. EirGen’s research and development
employees who were located at the site will transition to a new
facility.
“This facility in Ireland is no longer a core
component of our ongoing operations and business strategy, and its
sale allows us to focus EirGen’s business on oral solid dose
products. We are pleased to monetize the asset, which provides a
meaningful return on our invested capital,” said Phillip Frost,
M.D., Chairman and Chief Executive Officer of OPKO. “The
transaction with Horizon Therapeutics strengthens our balance sheet
while reducing expenses and improving efficiency.”
OPKO expects the transaction to close in
approximately one month, subject to governmental consent in Ireland
and customary closing conditions.
About OPKO Health
OPKO is a multinational biopharmaceutical and
diagnostics company that seeks to establish industry-leading
positions in large, rapidly growing markets by leveraging its
discovery, development, and commercialization expertise and novel
and proprietary technologies. For more information, visit
www.opko.com.
Cautionary Statement Regarding Forward
Looking Statements
This press release contains "forward-looking
statements," as that term is defined under the Private Securities
Litigation Reform Act of 1995 (PSLRA), which statements may be
identified by words such as "expects," "plans," "projects," "will,"
"may," "anticipates," "believes," "should," "intends," "estimates,"
and other words of similar meaning, including statements regarding
expected financial performance as well as other non-historical
statements about our expectations, beliefs or intentions regarding
our business, financial condition, or strategies. Risks and
uncertainties include, among other things, that the sale of the
facility is not achieved or potential liabilities exceed current
expectations. Many factors could cause our actual activities or
results to differ materially from the activities and results
anticipated in forward-looking statements. These factors include
those described in our Annual Reports on Form 10-K filed and to be
filed with the Securities and Exchange Commission and under the
heading “Risk Factors” in our other filings with the Securities and
Exchange Commission. In addition, forward-looking statements may
also be adversely affected by general market factors, competitive
product development, product availability, federal and state
regulations and legislation, the regulatory process for new
products and indications, manufacturing issues that may arise,
patent positions and litigation, among other factors. The
forward-looking statements contained in this press release speak
only as of the date the statements were made, and we do not
undertake any obligation to update forward-looking statements. We
intend that all forward-looking statements be subject to the
safe-harbor provisions of the PSLRA.
Contacts:
LHA Investor RelationsYvonne
Briggs, 310-691-7100ybriggs@lhai.com orBruce Voss, 310-691-7100
bvoss@lhai.com
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