OPKO buys Farmadiet to gain presence in Europe

Making its third acquisition this year, USA-based OPKO Health (NYSE: OPK) said on Friday that it has bought Farmadiet Group Holding, a Barcelona, Spain-based company currently engaged in the development, manufacture, marketing and sale of pharmaceutical, nutraceutical and veterinary products.

OPKO has agreed to pay an aggregate purchase price of 13.5 million euros ($16.8 million), of which 6.75 million euros was paid in cash at closing and (6.75 million euros million (the deferred payment) will be paid to Farmadiet, at the company’s option, in cash or shares of the common stock, par value $0.01 as follows: 3.376 million euros to be paid on the first anniversary of the closing date; and 3.376 million euros to be paid 18 months after the closing date.

With this acquisition, OPKO says it establishes a presence in the European Union through an established regional, integrated specialty pharmaceutical participant. This acquisition also allows OPKO near term product commercialization synergies through introduction of Farmadiet’s products to OPKO’s existing Latin American operations. Farmadiet’s robust product development pipeline also offers many near-term new product entry opportunities.