Sep 22 2011
OPKO Health, Inc. (NYSE: OPK) has agreed to sell its ophthalmic instrumentation business to OPTOS, Inc., a subsidiary of Optos plc, a leading and rapidly growing medical technology company engaged in the design, development, manufacture and marketing of devices to image the retina of the eye. Optos will pay OPKO $17.5 million in cash at closing, plus future royalties. The transaction has been approved by the Board of Directors of both companies and is expected to close in the fourth quarter of 2011, subject to approval of the shareholders of Optos and customary closing conditions.
Optos is acquiring OPKO's worldwide activities for the development and commercialization of ophthalmic diagnostic imaging systems and will combine OPKO's OCT SLO technology with Optos' widefield technology to provide a powerful tool to diagnose and manage diseases of the eye.
Phillip Frost, M.D., OPKO's Chief Executive Officer, commented, "Following the sale of the instrumentation business, OPKO expects to benefit from greater focus on our molecular diagnostics and pharmaceutical businesses. We plan to accelerate the development of our expanding pipeline of important diagnostic and therapeutic products while continuing a judicious program of strategic transactions."
Dr. Frost continued, "We believe that the instrumentation business and OCT SLO technology have strong potential that will benefit greatly from the synergies provided as part of a large and successful ophthalmic focused instrumentation company; we have great confidence that our instrumentation business will grow and prosper as part of Optos."
Source: OPKO Health, Inc.
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