SAN DIEGO, Calif. and
NES-ZIONA, Israel, April 24, 2013 /PRNewswire/ -- Shareholder
rights attorneys at Robbins Arroyo LLP are investigating the
acquisition of PROLOR Biotech, Inc. (NYSE MKT: PBTH) by OPKO
Health, Inc. (NYSE: OPK). On April 24,
2013, PROLOR and OPKO announced the signing of a definitive
merger agreement whereby PROLOR shareholders will receive 0.9951
shares of OPKO common stock for each share of PROLOR common stock
owned, a value of approximately $7.00
per PROLOR share. The transaction is expected to close during
the second half of 2013.
(Logo:
http://photos.prnewswire.com/prnh/20130103/MM36754LOGO)
The Board of Director's Actions May Prevent PROLOR
Shareholders from Receiving Maximum Value for Their
Stock
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at PROLOR is undertaking a fair process to obtain
maximum value and adequately compensate its shareholders in the
merger or whether they are seeking to benefit themselves.
Notably, Dr. Philip Frost is
both Chairman of the Board of PROLOR and CEO and the Chairman of
OPKO. Given this fact, the firm is investigating whether the merger
was motivated by conflicts of interest in light of Dr. Frost's
significant position in both companies.
Is the Acquisition Best for PROLOR and Its
Shareholders?
Moreover, PROLOR is currently in the process of developing
multiple products, all of which could lead to be very financially
successful for the company. Specifically, PROLOR's Human
Growth Hormone, used for the long-term treatment of children and
adults with growth failure, is scheduled for Phase III trials and
has a claimed potential market opportunity of $3 billion. Further, PROLOR also has two products
currently in Phase I testing, both of which have claimed potential
market opportunities of $2 billion:
GLP-1, used in the treatment for Type II Diabetes which is believed
to have a dramatically better weight-loss profile than GLP-1
therapies currently available, and Factor VIIa and Factor IX, both
used in the treatment of Hemophilia.
The firm is examining the board of directors' decision to sell
PROLOR now rather than allow shareholders to continue to
participate in the company's continued success and future growth
prospects.
PROLOR shareholders have the option to file a class action
lawsuit to secure the best possible price for shareholders and the
disclosure of material information so shareholders can vote on the
transaction in an informed manner. PROLOR shareholders
interested in information about their rights and potential remedies
can contact Darnell R. Donahue at
(800) 350-6003, ddonahue@robbinsarroyo.com, or via the shareholder
information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits, and has helped its
clients realize more than $1 billion
of value for themselves and the companies in which they have
invested. For more information, please go to
http://www.robbinsarroyo.com.
Press release link:
http://www.robbinsarroyo.com/shareholders-rights-blog/prolor-biotech-inc/
Attorney Advertising. Past results do not guarantee a similar
outcome.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
ddonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
SOURCE Robbins Arroyo LLP