Under the terms of the deal, each PBTH stockholder will receive 0.9951 shares of OPK.
The acquisition provides OPK with four significant products in Phase III clinical development, as well as a pipeline of important therapeutic and unique diagnostic products in various stages of development.
Prolor Biotech (PBTH) is due to present preclinical data tomorrow providing further evidence that its Factor VIIa-CTP hemophilia therapy can be administered with an injection as well as intravenously. Providing the clotting agent via an injection would facilitate its prophylactic use by patients as a way to prevent bleeding rather than just for when a bleeding episode occurs. Prolor Biotech hopes to start two clinical trials for the treatment next year. (PR)
Prolor Biotech (PBTH -2%) says it's initiated Phase III clinical trials of hGH-CTP, a human growth hormone that provides deficient adults and children with hGH therapy that may require only once-weekly or bi-monthly injections, rather than the daily injections required by current hGH therapy.
Prolor Biotech (PBTH), will be acquired by OPKO Health (OPK) in an all-stock deal worth $480M. PBTH shareholders will get 0.9551 shares of OPK for every share of PBTH they own, equating to $7 per share as of Tuesday's closing prices. PBTH +10.65% premarket. (Previously: strategic alternative evaluation boosts Prolor)
Prolor Biotech (PBTH +4.2%) gets a boost from an orphan drug designation for hGH-CTP, a long-acting treatment for growth hormone deficiency from the European Commission and the European Medicines Agency. The approval marks the first time a growth hormone has received any such a designation in Europe, and once launced, the drug will receive 10 years of marketing exclusivity in Europe.
Prolor Biotech (PBTH) +8.3% premarket after receiving a notice of allowance from the U.S. patent office for a new patent application covering its long-acting CTP-enhanced human growth hormone. The patent gives PBTH additional intellectual property protection covering methods for the induction of growth in growth hormone deficient patients.
Prolor Biotech (PBTH +4.9%) reports positive pre-clinical results from an animal study for its obesity and Type II diabetes drug candidate MOD-6030. When administered once a week over 30 days, PBTH says the treatment produced an average weight loss of 28% and a 19% reduction in blood glucose levels.
PROLOR Biotech (PBTH) announces that it achieved positive top-line results from a study of its human growth hormone tested in a Phase II clinical study. The results indicate the firm's drug may be able to achieve the same results as currently marketed treatments with fewer injections required. Shares +3.8% premarket.
Prolor Biotech (PBTH +11.1%) follows up last week's strong gains with a double-digit move up. M.E. Garza attributes the buying to M&A chatter emerging out of a major healthcare conference last week in San Francisco on the strength of the firm's promising drug pipeline.
PROLOR Biotech (PBTH) pops today, +11.3% to $5.61, after yesterday's initiation of coverage by Morgan Joseph at Buy with a target of $16. Also this week, Summer Street initiated coverage with a target of $8. The company develops therapeutic proteins and has full Phase II trial results ahead.