MIAMI, June 17, 2021 (GLOBE NEWSWIRE) -- OPKO Health, Inc. (NASDAQ: OPK) announces that its subsidiary, EirGen Pharma, Ltd., has entered into a definitive agreement to sell one of its facilities in Waterford, Ireland to Horizon Therapeutics plc (Nasdaq: HZNP) for $65 million in cash less certain assumed and accrued liabilities relating to transferred employees. The facility houses EirGen’s sterile-fill-finish business. EirGen’s research and development employees who were located at the site will transition to a new facility.
“This facility in Ireland is no longer a core component of our ongoing operations and business strategy, and its sale allows us to focus EirGen’s business on oral solid dose products. We are pleased to monetize the asset, which provides a meaningful return on our invested capital,” said Phillip Frost, M.D., Chairman and Chief Executive Officer of OPKO. “The transaction with Horizon Therapeutics strengthens our balance sheet while reducing expenses and improving efficiency.”
OPKO expects the transaction to close in approximately one month, subject to governmental consent in Ireland and customary closing conditions.
About OPKO Health
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, visit www.opko.com.
Cautionary Statement Regarding Forward Looking Statements
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 financial performance as well as other non-historical statements about our expectations, beliefs or intentions regarding our business, financial condition, or strategies. Risks and uncertainties include, among other things, that the sale of the facility is not achieved or potential liabilities exceed current expectations. 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 Annual Reports on Form 10-K filed and to be filed with the Securities and Exchange Commission and under the heading “Risk Factors” in our other filings with the Securities and Exchange Commission. 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.