OPKO Records Highly Successful Exit of Investment in Sorrento Therapeutics
- Contributes Approximately $22 million to Cash Position; Almost Ten-Fold Return on Original Investment
MIAMI--(BUSINESS WIRE)-- OPKO Health, Inc. (NYSE:OPK) has completed the sale of its stake in Sorrento Therapeutics, Inc. (SRNE) , a publicly-traded, clinical-stage biopharmaceutical company focused primarily on the acquisition, discovery, development and commercialization of proprietary therapeutics (Sorrento). The sale of Sorrento shares adds approximately $22 million to OPKOs cash position and represents an approximate ten-fold return of OPKOs 2009 investment.
"The highly successful exit from our investment in Sorrento further crystallizes our strategy of making small investments in other health care companies to either have access to new technology for our product pipeline or to benefit from appreciation in the value of our investment, said Phillip Frost, M.D., Chairman and CEO of OPKO. Following this sale, our investment portfolio in other health care companies is still far in excess of our cost.
About OPKO Health, Inc.
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.
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 our strategy of making small investments in other health care companies and whether the value of our investments will appreciate, as well as other non-historical statements about our expectations, beliefs or intentions regarding our business, technologies and products, financial condition, strategies or prospects. 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 filings with the Securities and Exchange Commission, as well as risks inherent in funding, developing and obtaining regulatory approvals of new, commercially-viable and competitive products and treatments. 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.
OPKO Health, Inc.
Steven D. Rubin or Juan F. Rodriguez, 305-575-4100
Source: OPKO Health, Inc.Copyright Business Wire 2013