Shares of Opko Health Inc. (NYSE:OPK) ended Thursday session in green amid volatile trading. The shares closed up +0.32 points or 3.34% at $9.91 with 3.11 million shares getting traded. Post opening the session at $9.61, the shares hit an intraday low of $9.56 and an intraday high of $9.95 and the price vacillated in this range throughout the day. The company has a market cap of $5.59 billion and the numbers of outstanding shares have been calculated to be 550.38 million shares.
Opko Health Inc. (OPK) on August 31, 2016 announced that it has completed its previously announced acquisition of Transition Therapeutics, Inc. (NASDAQ: TTHI, TSX: TTH), by way of a plan of arrangement (the “Arrangement”) which was approved by Transition Therapeutics’ shareholders at their meeting held on August 25, 2016. Pursuant to the Arrangement, shareholders of Transition Therapeutics will receive an aggregate of approximately 6.4 million shares of OPKO common stock, or 0.1657 shares of OPKO common stock for each common share of Transition Therapeutics. The Arrangement was approved by the Ontario Superior Court of Justice in its final order dated August 29, 2016.
“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,” said Phillip Frost, M.D., CEO and Chairman of OPKO Health. “With the transaction complete, we look forward to advancing these promising programs to the benefit of patients suffering from Type II diabetes and obesity or certain male hormone related problems.”