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Opko to Buy Chilean Drug Firm for $16M in Cash

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Opko Health last week announced that it has signed a definitive agreement to acquire Pharma Genexx, a privately held Chilean pharmaceutical firm, for $16 million in cash.

According to Opko, Pharma Genexx focuses on "the representation, importation, commercialization, and distribution of pharmaceutical products, [over-the-counter] products, and medical devices for the government, private, and institutional markets."

"We believe this acquisition to be an excellent strategic fit for Opko as we broadly expand into international markets," Opko Chairman and CEO Phillip Frost said in a statement. "We plan to extend the range of therapeutic areas covered by our products while maintaining a position in ophthalmology."

Additional terms of the transaction were not disclosed.