Opko Health Soars 13% On Pfizer hGh-CTP News
Opko Health Inc. (NYSE: OPK) and Pfizer Inc. (NYSE: PFE) on Monday announced that they have entered into a worldwide agreement for the development and commercialization of Opko's long-acting hGH-CTP for the treatment of growth hormone deficiency (GHD).
According to the press release, Opko will receive an upfront payment of $295 million and is eligible to receive up to an additional $275 million upon the achievement of certain regulatory milestones. Pfizer will receive the exclusive license to commercialize hGH-CTP worldwide.
The drug treats GHD in adults and children, as well as for the treatment of growth failure in children born small for gestational age (SGA) who fail to show catch-up growth by 2 years of age.
“We believe that the global growth hormone market is currently valued at more than $3 billion, and believe that hGH-CTP has the potential to be the best in class long-acting growth hormone product. Our long acting human growth hormone is our most advanced product candidate utilizing our CTP technology to extend the half-life of a broad range of therapeutic peptides and proteins. By reducing the number of injections, our technology can improve patient compliance," said OPKO's CEO, Phillip Frost, M.D.
Opko Health traded at $9.31 in the pre-market, up 13.8 percent.
Pfizer traded at $31.08 in the pre-market, up 0.42 percent.
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