OPKO completes acquisition of Transition Therapeutics

OPKO Health (NASDAQ:OPK) has completed the acquisition of Transition Therapeutics (NASDAQ:TTHI; TSX:TTH) by way of a plan of arrangement.

Under the transaction, shareholders of Transition will receive about 6.4 million shares of OPKO common stock, or 0.1657 shares of OPKO for each common share of Transition.

“We are pleased to complete the acquisition of Transition Therapeutics as it provides us with two late-stage drug candidates, each of which holds exceptional market opportunity and has direct synergies with our clinical development pipeline,” Dr. Phillip Frost, CEO and chairman of OPKO, said in a statement.

“With the transaction complete, we look forward to advancing these promising programs to the benefit of patients suffering from Type 2 diabetes and obesity or certain male hormone related problems," he added.