Billionaire Phillip Frost will list shares of Opko Health Inc. in the Tel Aviv Stock Exchange. The Miami-based healthcare holding company specialized in diagnosing equipment is set to use payment in its acquisition of Israeli drugmaker, Prolor Biotech Inc.

Opko shares will begin trading in Tel Aviv on August 21, a spokeswoman has said. The deal, which was announced in April, will give 0.9951 Opko shares for each stock in Prolor. Back in April, the share stock value was at USD480 million. A 12% increase in Opko's shares has the value boosted to approximately USD540 million.

Since the announcement of the deal, Prolor's stock has gained 27%. If shareholders of both Opko and Prolor approve of the merger on August 28, closing of the transaction will be in the second half of this year.

Phillip Frost is the chairman and largest shareholder in both Opko Health, Inc. and Prolor Biotech Inc., as well as chairman of Israel-based pharmaceutical company, Teva Pharmaceutical Industries, which specialized in generic and proprietary pharmaceuticals. Opko Health, Inc. is also listed in the New York Stock Exchange.