OPKO Health, Inc. (NYSE: OPK) and Bio-Reference Laboratories, Inc.
(NASDAQ: BRLI) today announced the completion of the acquisition of
Bio-Reference by OPKO. Shareholders of Bio-Reference will receive 2.75
shares of OPKO common stock for each share of Bio-Reference common stock.
"The acquisition of Bio-Reference is important for OPKO," commented Dr.
Phillip Frost, OPKO's Chairman and Chief Executive Officer. "For almost
thirty years Dr. Grodman and his team at Bio-Reference Laboratories have
produced a record of innovation and organic growth while building
cutting edge diagnostic franchises in Women's Health, Cancer, and
Genetics. Bio-Reference's national infrastructure, reach and extensive
payer network will be invaluable to the adoption of OPKO's 4Kscore® test
by physicians and patients across the country. However, even more
strategic is the company's leadership position around the world in
diagnostic sequencing services for rare disorders through its GeneDx
business unit and its emerging cost effective tumor sequencing services
through GenPath Oncology. These assets will be of great value in the
process of drug discovery and development. We look forward to working
with Dr. Grodman and his superb team to build on the great foundation
they have created."
Dr. Grodman added, "The relationship between therapeutics and
diagnostics has always been assumed; through this acquisition it is our
goal to provide the roadmap on how to fulfill that promise. Under the
leadership of Dr. Frost, who has been an unquestioned leader in seeing
the clinical relevance of new therapeutics, we will dedicate ourselves
to leveraging all the capabilities of Bio-Reference, including our
leadership position in genomics and sequencing services, to bring this
vision to fruition."
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. For more information,
ABOUT BIO-REFERENCE LABORATORIES, INC.
Bio-Reference Laboratories is one of the largest and fastest growing
full service diagnostic laboratories in the world, providing clinical
testing services to physician offices, clinics, hospitals, long term
care facilities and employers while also advancing drug discovery and
development with disease foundations, academic and pharmaceutical
partners. Bio-Reference's comprehensive testing capabilities and
expertise spans molecular diagnostics, anatomical pathology, women's
health, oncology and rare disease genetics. Bio-Reference Laboratories,
and its subsidiaries, has an international presence in more than 50
countries. For more information, visit www.bioreference.com.
SAFE HARBOR STATEMENT
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 benefits of the merger
with Bio-Reference, that its array of genomics data will prove valuable
in enhancing drug discovery and clinical trial programs, whether access
to Bio-Reference's commercial organization will expedite adoption of the
4Kscore test by physicians and patients and accelerate timelines for
reimbursement of the test by payers, 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 the
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, challenges
relating to integration of Bio-Reference, 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150820005792/en/
OPKO Health, Inc.
Steven D. Rubin or Adam Logal,
Terry Rooney, 212-223-0689
Marion Janic, 212-223-4017
Source: OPKO Health, Inc.
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