OPKO Health announces growth activities
OPKO Health Inc has announced that it would be investing about US$9.5 million to purchase a 10% stake in OAO Pharmasynthez, the Russian life science company.
OPKO Health is a holdings company that has investment interests in diagnostics and pharmaceutical companies. It also confirmed that it is partnering with Russian Corp of Nanotechnologies. Rusnano is a state owned enterprise and the partnership is expected to be valued at around US$60 million. Both Rusnano and OPKO had invested around US$26 million each at the first stage of the investment.
OPKO would be working with Pharmsynthez in the development and marketing of some of the portfolio products of OPKO in Russia and in other Eastern European countries. This partnership would include a prostate cancer testing kit and other diagnostic products. Also included would be a drug that treats hyperparathyroidism in advanced chronic disease patients. Both companies would be sharing the costs for research and development.
At midday trading, OPKO Health shares fell to US$7, losing about two cents.