© Copyright Acquisition International 2024 - All Rights Reserved.

Article Image - JP Morgan Advises Opko’s Acquisition of Bio-Reference Laboratorie
Posted 6th August 2015

JP Morgan Advises Opko’s Acquisition of Bio-Reference Laboratorie

JP Morgan Advises Opko's Acquisition of Bio-Reference Laboratorie

Mouse Scroll AnimationScroll to keep reading

Let us help promote your business to a wider following.

JP Morgan Advises Opko’s Acquisition of Bio-Reference Laboratorie

JP Morgan Advises Opko’s Acquisition of Bio-Reference Laboratorie

View Biography
Image

OPKO HEALTH, INC. (NYSE:OPK) and Bio-Reference Laboratories, Inc. (NASDAQ:BRLI) announced that the companies have signed a definitive merger agreement under which OPKO will acquire Bio-Reference Laboratories.

Bio-Reference Laboratories is the third largest full service clinical laboratory in the United States and is known for its innovative technological solutions and pioneering leadership in the areas of genomics and genetic sequencing. Under the terms of the agreement, which has been approved by the Boards of Directors of both companies, holders of BRLI common stock will receive 2.75 shares of OPKO common stock for each share of BRLI common stock. Based on a closing price of$19.12 per share of OPKO common stock on June 3, 2015, the transaction is valued at approximately $1.47 billion, or $52.58 per share of BRLI common stock. The Companies expect the transaction to be completed during the second half of 2015. Closing of the transaction is subject to approval of Bio-Reference Laboratories’ shareholders and other customary conditions.

OPKO intends to leverage the national marketing, sales, and distribution resources of Bio-Reference Laboratories to enhance sales of its 4Kscore test, a blood test that provides a patient’s specific personalized risk score for aggressive prostate cancer as well as other OPKO diagnostic products under development.

Through GeneDx, Bio-Reference Laboratories’ genetic sequencing laboratory, and GenPath Diagnostics, its Oncology and Women’s Health business units, Bio-Reference Laboratories has accumulated a vast array of genetic and genomics data that OPKO will make available to industry and academic scientists to enhance their drug discovery and clinical trial programs.

“I have long admired Bio-Reference Laboratories which, for almost 30 years, has enjoyed an impressive record of organic growth through constant innovation and clinical awareness,” commented Phillip Frost, M.D., OPKO’s Chairman and Chief Executive Officer. “Bio-Reference Laboratories is a true success story that has culminated in cutting edge diagnostic solutions accompanied by a worldwide franchise in the diagnosis of rare diseases. GeneDx was the first commercial laboratory to offer next generation sequencing for rare disorders and almost a quarter of a million patients have benefited from these services including almost 20,000 patients who have undergone exome analysis. Their newly introduced sequencing services for use in oncology are both innovative and impressive.”

“Over the years we have learned that diagnostics are integral to drug discovery,” commented Marc Grodman, M.D., Bio-Reference Laboratories’ Chairman, CEO and President. “This has never been more apparent than today when new sequencing technologies have afforded us the opportunity to understand the biological basis of disease in far greater depth. At Bio-Reference Laboratories we have prided ourselves in finding disruptive diagnostic solutions that are clinically relevant. Dr. Frost is a visionary in the pharmaceutical world who, during a legendary career, has demonstrated the foresight to see new clinical applications for therapeutics before others. I am thrilled that I will be working and learning from him in the coming years as we seek to leverage our outstanding capabilities to improve lives of patients. In addition to identifying a synergistic partner for the value we have built over the past three decades, we are pleased that our shareholders will be rewarded by being able to share in the upside of the combined company.”

OPKO intends to allow laboratory operations to continue seamlessly but with enhancement from OPKO’s pipeline of diagnostic products. The current diagnostic services of OPKO will be merged with the Bio-Reference Laboratories operations throughout the country. Bio-Reference Laboratories’ national presence will add valuable distribution capability to OPKO’s diagnostic services. Bio-Reference Laboratories is a full service clinical laboratory that can provide key areas of opportunity for OPKO’s services. Moreover, the seasoned management team at Bio-Reference Laboratories will bring valuable market intelligence to the combined operations.

Dr. Grodman continued, “Bio-Reference Laboratories has been a pioneer in commercial laboratory use of next generation sequencing for diagnostic purposes. GeneDx believes it was the first commercial laboratory in the world to offer next generation genetic sequencing panels based on specific clinical symptoms; it has maintained its leadership position in offering advanced panels, sophisticated analysis, in-depth reporting, and by scaling these tools to a high-volume commercial environment. Bio-Reference Laboratories has accumulated a plethora of genetic and genomics data that will be invaluable to the drug discovery programs at OPKO and other drug developers. The Bio-Reference Laboratories data is diagnostic, or disease-related, and therefore provides an important connection between disease, treatment and cure.”

J.P. Morgan acted as the financial advisor to OPKO Health. Allen & Company LLC acted as financial advisor to Bio-Reference Laboratories. Greenberg Traurig, P.A. acted as legal advisor to OPKO and Davis Polk & Wardwell LLP was Bio-Reference Laboratories’ legal advisor.

Categories: Finance, M&A


You Might Also Like
Read Full PostRead - Eye Icon
Shopify Plus SEO Strategies: Ranking High in Search Results
Strategy
31/10/2023Shopify Plus SEO Strategies: Ranking High in Search Results

In the dynamic realm of e-commerce, standing out amidst a sea of competitors is no trifling task. Yet, with the potent fusion of SEO prowess and the capabilities of a platform like Shopify Plus, this seemingly Herculean feat becomes significantly more achievab

Read Full PostRead - Eye Icon
UK Automotive Strengthens Korean Business Links
Strategy
29/04/2015UK Automotive Strengthens Korean Business Links

Wednesday 29 April 2015 The Society of Motor Manufacturers and Traders (SMMT) will this month lead a delegation of specialist UK automotive companies in a trade visit to Seoul, as the industry seeks to strengthen business links and partnerships with Korean com

Read Full PostRead - Eye Icon
NLRB Micro-Union Decision Causes Untold Harm to Retail
Leadership
30/04/2015NLRB Micro-Union Decision Causes Untold Harm to Retail

The National Labor Relations Board’s decision to recognize a micro-union of workers in just a single department at a Macy’s store in Massachusetts rather than the entire store violates longstanding precedents on union organizing, said the NRF.

Read Full PostRead - Eye Icon
Delivering Quality on a Global Basis
Legal
01/03/2018Delivering Quality on a Global Basis

Giambrone is an international law firm with offices in London, Barcelona, Glasgow, Mallorca, Milan, Munich, Palermo, Rome, Sardinia, and Tunis.

Read Full PostRead - Eye Icon
How Warehouse Management Systems Reduce Business Expenditure
News
27/04/2022How Warehouse Management Systems Reduce Business Expenditure

Maximizing profits is one of the best ways to enhance the growth of your manufacturing firm. This enables you to get enough money to settle operating expenses and expand your investment.  

Read Full PostRead - Eye Icon
A Step-by-Step Guide to Starting Your Dropshipping Business
News
31/01/2022A Step-by-Step Guide to Starting Your Dropshipping Business

It’s no secret that dropshipping is one of the fastest-growing industries in eCommerce. It is a convenient, low-risk business model that you can easily start with just a little capital. You don’t have to worry about managing the stock of goods, and you sim

Read Full PostRead - Eye Icon
Cargill Beefs up Capabilities, Commitment to Protein, with South Carolina Plant Purchase
M&A
04/03/2016Cargill Beefs up Capabilities, Commitment to Protein, with South Carolina Plant Purchase

People in the eastern United States enjoy good beef burgers and beginning this spring Cargill will be able to better meet those needs through the acquisition of the FPL Food, LLC ground beef processing plant in Columbia, S.C. Purchase of the 100,000-square-foo

Read Full PostRead - Eye Icon
MarshBerry Provide Due Dilligence to NFP’s Acquisition of Hackett Valine & MacDonald
M&A
17/06/2015MarshBerry Provide Due Dilligence to NFP’s Acquisition of Hackett Valine & MacDonald

MarshBerry Provide Due Dilligence to NFP's Acquisition of Hackett Valine & MacDonald

Read Full PostRead - Eye Icon
4 Key Elements of Effective & Engaging Business Blogs
News
26/05/20234 Key Elements of Effective & Engaging Business Blogs

Business blogs are ten a penny, and so it pays to make sure yours is effective not only in its content, but its presentation, so that readers are engaged and your audience grows.



Our Trusted Brands

Acquisition International is a flagship brand of AI Global Media. AI Global Media is a B2B enterprise and are committed to creating engaging content allowing businesses to market their services to a larger global audience. We have 14 unique brands, each of which serves a specific industry or region. Each brand covers the latest news in its sector and publishes a digital magazine and newsletter which is read by a global audience.

Arrow