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OPKO Health, Inc. (OPK)

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Previous Close3.9900
Open4.0000
Bid3.9600 x 3200
Ask3.9700 x 1800
Day's Range3.9657 - 4.0700
52 Week Range1.1200 - 6.4700
Volume2,048,026
Avg. Volume11,232,376
Market Cap2.667B
Beta (5Y Monthly)1.93
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    • GlobeNewswire

      Sian Capital Sends Letter to OPKO Health Regarding its Decision to Apparently Withhold Rayaldee From Many Patients Amidst COVID-19’s Second Wave

      Believes OPKO Should Promptly Distribute FDA-Reviewed Rayaldee to Help Treat COVID-19 in the U.S. and Europe Highlights the Opportunity Being Squandered by Dr. Frost and the Board as Europe Prepares to Distribute 10 Million Doses of a Less Effective Alternative to RayaldeeNEW YORK, Nov. 20, 2020 (GLOBE NEWSWIRE) -- Sian Capital, LLC (together with its affiliates, “Sian” or “we”), a sizable stockholder with beneficial ownership of approximately 3% of OPKO Health, Inc.'s (NASDAQ: OPK) (“OPKO” or the “Company”) outstanding common stock, today sent a letter to OPKO’s Board of Directors highlighting the urgent need for the Company to act swiftly to distribute Rayaldee – an effective drug shown to help treat COVID-19 – across the U.S. and Europe.Over the past week, we have had conversations with members of the United States Congress, those living in European countries, and the world’s foremost infectious disease specialists. We look forward to sharing more information regarding how you can encourage your Congressperson to help your loved ones. In the meantime, visit www.SianCapital.com/Resources to learn more about OPKO and Rayaldee.The full text of the letter is included below.***VIA E-MAILNovember 20, 2020The Board of Directors OPKO Health, Inc. 4400 Biscayne Blvd. Miami, Florida 33137Dear Chairman Frost and Members of the Board of Directors (the “Board”):As of this week, a quarter of a million people have died in the U.S. from COVID-19. New York City is closing public schools amid rising cases, hospitals and first responders across the country are overwhelmed with sick patients, and experts predict that the U.S. could soon be reporting more than 2,000 deaths per day – matching or exceeding our spring peak.1 As Dr. Anthony Fauci recently commented, “we are in for a world of hurt.”With more than 11.5 million confirmed cases in the U.S., we find our entire nation focused on a singular question: when will we be able to effectively treat patients with the deadly virus?Sian Capital, LLC (together with its affiliates, “Sian” or “we”) was extremely dismayed to learn that OPKO Health, Inc. (“OPKO” or the “Company”) has a viable solution at its fingertips, yet for reasons unclear to us, has withheld its science from millions of afflicted citizens in the U.S. and abroad. As a substantial investor in OPKO, we believe the Board has not only a fiduciary duty, but a humanitarian duty to distribute Rayaldee to those in need. There is no reason that so many Americans should continue dying without having the opportunity to access potential curative drugs. In this letter, we outline how Rayaldee could save countless lives while also unlocking tremendous revenues for OPKO right away.How Rayaldee Could Save Countless Lives Amidst the COVID-19 PandemicAs early as 2008 and as recently as 2016, leading scientists predicted that our population’s widespread deficiency in vitamin D could lead to a global pandemic. There is growing evidence today that COVID-19 patients who are deficient in vitamin D are more likely to experience serious illness, severe complications and increased risk of death. Unfortunately, raising your vitamin D levels is not as easy as taking over-the-counter supplements from your local drug store.Instead, evidence shows we can fight and prevent COVID-19 through the administration of a vitamin D prohormone, Calcifediol, which naturally interacts with the body to create the necessary levels of pure 25(OH)D serums. Calcifediol is the active ingredient in OPKO’s homegrown drug Rayaldee, which is typically used to treat Chronic Kidney Disease. When treating patients afflicted with both Chronic Kidney Disease and COVID-19, it was discovered that Rayaldee was fighting the virus, as well. This discovery and additional anecdotal evidence led the Food and Drug Administration (“FDA”) to give Rayaldee a high safety indication and fast-track Rayaldee’s phase 2 trial on June 1, 2020 for treatment of mild to moderate COVID-19.2 The FDA required only a 4-week trial and 160 participants to be treated with the drug, in stark contrast to Pfizer’s vaccine trial, which required nearly 45,000 participants. Further, the FDA required that just two primary endpoints be met to pass the trial: 1) Rayaldee raise 25(OH)D levels to between 50ng/ML and 100 ng/ML, and 2) Rayaldee outperform the placebo group.Rayaldee quickly proved to be effective, with treatment indicating that a daily dose of 60 mcg of Rayaldee is the only one of the four treatment regimens tested that reliably raises 25(OH)D serum totals to the range of 50 to 100 ng/ML passing the first FDA endpoint. In a separate simultaneous trial in Spain, patients in the Calcifediol (Rayaldee) group had a 96% effectiveness rate, with just 2% of patients hospitalized with zero fatalities – compared to those in the placebo group where 50% were hospitalized with a death rate of 7.7%.3In spite of Rayaldee’s encouraging trial evidence and the highest safety indication the FDA can give, OPKO’s Board and management team are seemingly withholding this effective drug from the U.S. and European populace. Because Calcifediol is an American drug owned by OPKO, both U.S. and European governments cannot utilize Rayaldee unless OPKO sells it to them.4 This is especially troubling given that our European neighbors have already passed legislation requiring the distribution of ~15 million doses of a crude, less effective alternative to Rayaldee, in an attempt to replicate Rayaldee’s protective benefits, to millions of their most vulnerable populations next month. It is well known that the elderly, the sick and those in nursing homes are disproportionately dying at high mortality rates. We believe European countries would likely administer many prescriptions if OPKO were to offer Rayaldee to them instead of obfuscating its benefits and failing to reach out to England, Scotland and many other countries who have already approved millions of doses.With over 1.34 million deaths globally and the death toll steadily rising, we question what could possibly motivate OPKO to sit on science that could potentially save so many lives?How OPKO Could Unlock Significant Value for Shareholders by Distributing RayaldeeIt is painfully obvious to Sian that in addition to disregarding its ability to save lives, OPKO is squandering an incredible value opportunity by withholding Rayaldee. In 2019, OPKO sold only ~55,000 scripts of Rayaldee for ~$30 million. If OPKO allowed European countries to purchase the already approved ~15 million doses, even at a 90% discount to its selling price, OPKO could receive over $850 million. Much more importantly, at the current death rate, it could save 100,000 lives over the four-month program enacted by European countries.Despite the current dysfunction of our political climate, it’s our view that the U.S. should follow Europe’s lead by ordering doses for 12 million of our most vulnerable citizens. Though just 1% of U.S. citizens live in nursing homes, nursing home deaths account for over 20% of our daily death rates. We believe OPKO should similarly discount its selling price of Rayaldee by 90%, which could unlock $3 billion in value and save tens of thousands of American lives.Beyond selling Rayaldee to the U.S. government, we believe OPKO has a humanitarian duty to distribute Rayaldee across the pond, where a European citizen is dying every 17 seconds from COVID-19.5 When lending assistance to the Europeans during World War II, FDR famously said that when your neighbor’s house is on fire, you don’t haggle over the price of a garden hose. Putting aside economics, from a humanitarian perspective, it is apparent to us that OPKO should move quickly to distribute its valuable drug on an international scale, even if it is at an 90% discount.Over the last few weeks, the governments of England, Spain, Scotland, Wales and Ireland have all committed to helping their most vulnerable, citing studies that indicate Rayaldee is the best way to do that. We urge you to share one of the only drugs that appears to help treat COVID-19. We believe you have a humanitarian and fiduciary duty to do so.“If there's a child on the south side of Chicago who can't read, that matters to me, even if it's not my child. If there's a senior citizen somewhere who can't pay for their prescription, who has to choose between medicine and the rent, that makes my life poorer - even if it's not my grandparent. If there's an Arab-American or Mexican-American family being rounded up by John Ashcroft without benefit of an attorney or due process, I know that that threatens my civil liberties. And I don't have to be a woman to be concerned that the Supreme Court is trying to take away a woman's right, because I know that my rights are next. It is that fundamental belief - I am my brother’s keeper, I am my sister’s keeper - that makes this country work.” -\- Barack Obama, 2004Sincerely, Anish Monga Sian Capital LLC***About Sian CapitalFounded by veteran portfolio manager Anish Monga, Sian Capital, LLC is a New York-based asset management firm that employs a focused, event-driven investment approach. Sian’s unique mix of cross-sector experience and activism expertise enables it to identify and invest in what are often overlooked or under-covered investment opportunities.ContactsProfile Greg Marose / Charlotte Kiaie gmarose@profileadvisors.com / ckiaie@profileadvisors.com1 The New York Times: A quarter of a million people have died in the U.S. from Covid-19. (November 19, 2020). 2 https://www.opko.com/investors/news-events/press-releases/detail/394/fda-authorizes-opko-health-clinical-trial-evaluating. 3 Journal of Steroid Biochemistry and Molecular Biology; The Guardian: Covid: UK government requests guidance on vitamin D use (November 14, 2020). 4 To be clear, we are not implying that Vifor Pharma (SWX: VIFN), the holder of the license to sell Rayaldee in Europe in exchange for royalties to OPKO, has not already begun negotiations with these European countries. Our letter references only OPKO, who ultimately makes the decision, regardless if Vifor were (hypothetically) negotiating with these countries. 5 The Washington Post: Someone in Europe is dying every 17 seconds from covid-19, WHO says (November 19, 2020).

    • GlobeNewswire

      Sian Capital Issues Open Letter to Stockholders of OPKO Health

      Highlights that Just Two Weeks after Sian Capital Sent Its 220 Demand Letter to OPKO, the Company has Agreed to Release A Subset of the Documents Requested, Which We Believe Will Validate our Valuation Assertions Announces OPKO Has Agreed to Enact Important Governance Enhancements to Protect Stockholders, Including the Addition of a New, Independent Director and Further Stockholder-Friendly Governance Changes by January 2021Sets the Record Straight Regarding the Apparent Falsehoods and Misrepresentations OPKO is Peddling to Stockholders, Including Management’s Assertion that Its Ownership of >40% Renders Stockholders PowerlessUrges the Board to Formally Announce and Initiate a Credible Strategic Review to Help Enact Change, Restore Stockholder Confidence and Identify Steps for Delivering the Value Long-Suffering Stockholders Deserve NEW YORK, Nov. 12, 2020 (GLOBE NEWSWIRE) -- Sian Capital, LLC (together with its affiliates, “Sian” or “we”), a sizable stockholder with beneficial ownership of approximately 3% of OPKO Health, Inc.'s (NASDAQ: OPK) (“OPKO” or the “Company”) outstanding common stock, today issued the below letter to stockholders. Recently, Sian issued a presentation outlining paths to enhanced value creation at OPKO and posted other relevant materials at www.siancapital.com/resources.November 12, 2020Fellow Stockholders,Sian Capital, LLC (together with its affiliates, “Sian” or “we”) has been overwhelmed by the positive investor response to our October 2020 presentation that outlines several viable paths to unlocking the tremendous value trapped within OPKO Health, Inc.'s (“OPKO” or the “Company”) underperforming stock. After receiving messages from more than 400 supportive stockholders over the past two weeks, one thing has become crystal clear to us: investors are fed up with leadership’s self-serving decisions and believe now is the time to pursue the many high-potential opportunities that exist across the industry.We believe the public market does not fully appreciate OPKO’s prized assets because it has lost confidence in the Company’s management and Board of Directors (the “Board”). It appears these leaders are either unable or unwilling to address the array of governance, financial and strategic issues that continue to depress the Company’s stock price. Moreover, it has recently come to our attention that OPKO’s representatives are going so far as to attempt to dissuade stockholders from supporting change at the Company and making baseless claims regarding Sian and the Company’s governance. For this reason, we want to expose OPKO’s misinformation campaign and refute its recent effort to miscast Sian and our value-enhancing ideas.FACT: OPKO’s Investor Relations Team is Waging a Misinformation Campaign Against SianDespite Sian frequently engaging with Chairman and CEO Dr. Phillip Frost, Executive Vice President and director Steven Rubin, OPKO’s investor relations team, as well as other members of OPKO senior management to discuss paths to unlock value for stockholders over the past six months, OPKO’s investor relations team is now falsely claiming to stockholders that they have “never heard of Sian” in an apparent attempt to discredit us and our research. The reality is OPKO proactively reached out to Sian within 24 hours of the release of our public presentation to continue our dialogue. In spite of the Company’s misinformation campaign, investors have been studying our materials, resulting in positive feedback and support from analysts who follow OPKO closely. Just today at the H.C. Wainwright 6th Annual Israel Virtual Conference, an analyst asked multiple questions regarding some of the very same strategic options we have urged OPKO to examine. The analyst specifically asked if OPKO would consider splitting its Pharma and Laboratory division since neither is getting the value it deserves, to which the Company responded that they are exploring this and “may in fact do that,” especially since the Pharma division will be self-funding once hGH and Rayaldee royalties begin shortly and is something they intend to look at going forward. The analyst further asked about rumors they independently heard of regarding acquiror interest, to which the Company responded, “we engage in strategic decisions [consistently] and at this time won’t comment.” Several savvy investors highlighted these comments to us today noting they signal the Company seems willing to take the steps Sian has outlined. We believe investors can now clearly see the direct path to unlock the value that long-suffering investors deserve.FACT: The Delaware Court of Chancery and OPKO’s Board have Approved the Institution of Several Corporate Governance Changes by January 2021Stockholders should know that within just two weeks of Sian sending its 220 Demand Letter to OPKO, and just one week after it was publicly disclosed on October 29th by press release and Sian Capital’s website,1 the OPKO Board and the Delaware Court of Chancery approved a settlement that requires OPKO to implement certain important governance enhancements no later than January 31, 2021. These include but are not limited to: * The Mandatory Appointment of a New Independent Director to the Board – OPKO is required to add a new, independent director, specifically required to have less than 5% stock ownership (to prevent further concentration of ownership) and no previous employment or ties with current management. * The Nominating Committee of the Board – This committee may be the only Committee to recommend new Board members. The Chairman is also disallowed from participating on the Nominating Committee, preventing further hand-picked directors by the Chairman. * Stockholder Consultation Required for Director Selection – The Nominating Committee is required to consider the input from significant stockholders, which must be done explicitly in good faith, including on issues of director independence, qualifications and selection. * Lead Independent Director – Mandatory checks have been put in place delivering greater power to the Lead Independent Director: (i) at each Board meeting there shall be a separately convened session of non-management Board directors, and (ii) the Lead Independent Director has sole approval over the schedule of all Board meetings, and is required to be consulted on the agenda of each Board meeting, as well as all information sent to the Board. * Independent Investment Committee – A new Independent Investment Committee (“IIC”) is required to consist of exclusively independent directors who shall be given sole authority, in its discretion, to hire its own independent advisors when making investment decisions on minority investments. Members of the IIC are required to recuse themselves if they or any family members have a material investment, or affiliation, with a potential transaction partner.2 The full list of corporate governance enhancements OPKO is required to undertake can be found on Sian’s website here.____________________ 1https://siancapital.com/wp-content/uploads/2020/10/2020-10-21-Ltr-OPKO-Health-Inc.-re-Del-220-Demand_5577783.pdf 2 In re Opko Health, C.A. No. 2018-0740-SG (2020).OPKO has Agreed to Send Sian Requested Documents – In addition to these enhancements, the Company has agreed to send Sian a subset of the documents we requested in our 220 Demand Letter, which we believe will affirm our fundamental analysis. Predictably, OPKO has denied our request for certain other documents, which we find suspicious because this information would help verify various allegations we learned from in-depth interviews conducted during our extensive due diligence. We will continue to work to obtain these documents on behalf of all OPKO stockholders.FACT: Dr. Frost and the Board Have a Fiduciary Duty to Act in the Best Interests of StockholdersDr. Frost’s aggressive stock purchases this year have caused Company insiders to exceed a 40% ownership position, which is a key threshold we have been eyeing for quite some time. The rise of insider control was a factor we were watching closely and conscious of well before deciding to publicize our view of the value opportunity at OPKO, as it not only verified our thesis that the Company’s fundamentals are set to inflect in over the next year, but also provided us with a path to help ensure improved governance changes would be made. As a result of Dr. Frost and the Board’s actions, we believe Dr. Frost is now considered a “Controlling Stockholder” and the OPKO Board is “Conflicted,” as both are specifically defined under Delaware law. As we describe in our Corporate Governance White Paper, the simultaneous presence of a “Controlling Stockholder” and “Conflicted Board” in the same public company actually has specific ramifications under Delaware law, precisely because of the enhanced potential for misuse of power. In fact, in these situations, Delaware law actually imposes stricter duties on the stockholder and the Board to protect minority stockholders in these situations from abuses of power.FACT: Filings Show That OPKO Leaders Could be Personally Liable for Breaches of Their Fiduciary Duties, Leaving Them Highly Vulnerable and Exposed to Potential LitigationThrough our conversations with fellow stockholders, we found that it was largely unknown that the Company’s history of egregious violations has left its Board with the possibility that no insurance company will cover them, and if they do, it could be costly for inadequate and limited coverage, thereby leaving them potentially personally liable for any breach – a risk we cannot fathom any Board member would take. We also note that the Company’s insurance premiums nearly doubled over 2019, costing stockholders an astounding $25 million while they suffered incredible financial loses. We believe upon reading our Corporate Governance White Paper, investors will have a sharply different view of stockholders’ ability to effect change than the one espoused by the Company over the past several days.FACT: There is a Clear Path to Unlock Value for OPKO StockholdersMany stockholders agree with our view that OPKO is deeply undervalued, worth at least 3x its current stock price, and that the multiple paths we have outlined for maximizing that value are viable. Sian believes that our significant alignment with stockholders and strong track record helping companies optimize returns for investors will serve us in helping reverse the billions of dollars in destruction of value at OPKO. Given that OPKO’s stock continues to trade at a significant discount, we believe the Board should initiate a formal strategic review process to determine how the Company can realize the true potential of its assets. Recent feedback has shown that a critical mass of stockholders agree it is time for OPKO’s leaders to honor their fiduciary duties and quickly move to deliver the value that long-suffering investors deserve by announcing and initiating a credible review process. Further, we believe multiple potential suitors have come forward, unsolicited, to discuss partnerships, acquisitions, royalty agreements and other value-enhancing alternatives. We urge stockholders to ask OPKO themselves: has the Company received interest in its assets? We believe the answer will be telling.We encourage investors to closely read the three White Papers we have posted to our website. These contain further details on the Company’s true fundamental value, which should be read in conjunction with Sian’s previous investor presentation, an examination on corporate governance under Delaware law, and examples of how we can continue to enact change. These papers also include short commentary on the election results and Pfizer’s tepid vaccine announcement last week, which we believe have only made the industry tailwinds more pronounced.In the weeks ahead, we will continue to communicate frequently and transparently with you regarding the best path forward for OPKO. We encourage you to engage with us on a one-to-one basis in the meantime by e-mailing contact@siancapital.com.Sincerely,Anish MongaFounder and Managing Partner Sian Capital LLCAbout Sian CapitalFounded by veteran portfolio manager Anish Monga, Sian Capital, LLC is a New York-based asset management firm that employs a focused, event-driven investment approach. Sian’s unique mix of cross-sector experience and activism expertise enables it to identify and invest in what are often overlooked or under-covered investment opportunities.ContactsProfile Greg Marose / Charlotte Kiaie gmarose@profileadvisors.com / ckiaie@profileadvisors.com

    • OPKO Health to Participate in Three Upcoming Investment Conferences
      GlobeNewswire

      OPKO Health to Participate in Three Upcoming Investment Conferences

      MIAMI, Nov. 11, 2020 (GLOBE NEWSWIRE) -- OPKO Health, Inc. (NASDAQ: OPK) today announced that management will be participating in three upcoming virtual investor conferences. * H.C. Wainwright 6th Annual Israel Virtual Conference, November 12, 2020. Management will participate in a fireside chat on Thursday, November 12th at 9:00 a.m. ET and will be available for one-on-one meetings. * Jefferies 2020 Virtual London Healthcare Conference, November 17-19, 2020. Management will deliver a company presentation on Wednesday, November 18th at 10:15 a.m. ET and will be available for one-on-one meetings. A live and archived webcast of the presentation will be available in the Investors section of OPKO’s website here. * Piper Sandler 32nd Annual Virtual Healthcare Conference, December 1-3, 2020. Management will participate in a fireside chat and will be available for one-on-one meetings. A replay of the fireside chat will be available in the Investors section of OPKO’s website here. 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.Contacts:LHA Investor Relations Yvonne Briggs, 310-691-7100 ybriggs@lhai.com  or Bruce Voss, 310-691-7100 bvoss@lhai.com