Follow-Up: PROLOR Biotech, Inc. (PBTH)
PBTH was recommended by Global Investing at $4.81 in Investment Digest issue 732,
dated December 5, 2012.
“OPKO Health (OPK) and PROLOR Biotech, Inc. (PBTH $6 Amex) just announced
that they have signed a definitive merger agreement under which OPKO will acquire
PROLOR, a biopharmaceutical company focused on developing and commercializing
longer-acting proprietary versions of already approved therapeutic proteins, in an
all-stock transaction. Under its terms approved by the boards of directors of both
companies, holders of PROLOR common stock will receive 0.9951 shares of OPKO
common stock for each share of PROLOR common stock. Based on a price of $7.03
per share of OPKO common stock, the transaction is valued at ~$480 million, or
$7/share of PROLOR common stock. The companies expect the transaction to be
completed during H2 2013. Way too cheap. Already the lawsuits have started. PBTH
should get other offers at a higher price.
- Vivian Lewis, Global Investing, April 24, 2013