MIAMI – June 9, 2015 – A multi-office team of attorneys with international law firm Greenberg Traurig represented longtime client OPKO HEALTH, INC. (NYSE:OPK) in the negotiation of a definitive merger agreement with Bio-Reference Laboratories, Inc. (NASDAQ:BRLI). OPKO is also traded as one of the largest companies on the Tel Aviv Stock Exchange. The $1.47 billion transaction, announced June 4, is expected to be completed during the second half of 2015.
OPKO is a multinational biopharmaceutical and diagnostics company. BRLI is considered one of the world’s largest and fastest-growing full-service diagnostic laboratories.
The Greenberg Traurig deal team was led by Miami Corporate & Securities Shareholders Robert L. Grossman, Ira N. Rosner, and Joshua M. Samek. Grossman also serves as also Co-Chair of the firm’s Israel Practice. Other deal team members include:
- Robert I. Wexler, New Jersey, Corporate & Securities
- Kyle T. Hershey, Miami, Corporate & Securities
- Evan A. Kanter, Miami, Corporate & Securities
- Robert P. Charrow, Washington, D.C., Health & FDA Business
- Eleanor A. Kolton, Washington, D.C., Health & FDA Business
- Paul Burnett, New Jersey, Intellectual Property & Technology
- Josh Malino, New Jersey, Intellectual Property & Technology
- Barry J. Schindler, Co-Chair, Global Patent Prosecution Group, New Jersey, Intellectual Property & Technology
- Steven B. Lapidus, Miami, Tax
- Michael R. Einig, Miami, Tax
- Seth J. Entin, Miami, Tax
- Adam M. Foslid, Miami, Litigation
- Todd D. Wozniak, Atlanta, Litigation
Under the terms of the agreement, 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, the transaction is valued at approximately $1.47 billion, or $52.58 per share of BRLI common stock. Closing of the transaction is subject to approval of BRLI’s shareholders and other customary conditions.
BRLI, the third largest full-service clinical laboratory in the United States, is known for its innovative technological solutions and pioneering leadership in the areas of genomics and genetic sequencing. OPKO intends to leverage the national marketing, sales, and distribution resources of BRLI 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, BRLI’s genetic sequencing laboratory, and GenPath Diagnostics, its Oncology and Women's Health business units, BRLI 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.
Greenberg Traurig worked closely with the OPKO management team on the deal: Steve Rubin, Executive Vice President – Administration; Adam Logal, Senior Vice President and Chief Financial Officer; and Kate Inman, General Counsel.
About OPKO Health, Inc.
OPKO is a multinational biopharmaceutical and diagnostics company that seeks to establish industry leading positions in large, rapidly growing markets by leveraging its discovery, development and commercialization expertise and novel and proprietary technologies. For more information, visit www.opko.com.
About Bio-Reference Laboratories, Inc.
Bio-Reference Laboratories, Inc. is one of the largest and fastest growing full service diagnostic laboratories in the world, providing clinical testing services to physician offices, clinics, hospitals, long term care facilities and employers while also advancing drug discovery and development with disease foundations, academic and pharmaceutical partners. Our comprehensive testing capabilities and expertise spans molecular diagnostics, anatomical pathology, women's health, oncology and rare disease genetics. Bio-Reference Laboratories, and our subsidiaries, has an international presence in more than 50 countries. For more information, visit www.bioreference.com.