OPKO Health, a biopharmaceutical and diagnostics company, has acquired Barcelona-based Farmadiet Group.
The acquisition allows OPKO to establish presence in the European Union and allows near term product commercialization synergies through the introduction of Farmadiet's products to OPKO's existing Latin American operations.
Farmadiet's product development pipeline also offers many near-term new product entry opportunities, according to OPKO.
OPKO chairman and chief executive officer Phillip Frost said the acquisition is a strategic fit as the company expands its global manufacturing, sales and distribution capabilities for a growing range of products.
"More specifically, through this acquisition, we further invigorate our strategic aim of broadening our footprint within the expanding worldwide pharmaceutical market while capitalizing on important commercial synergies across our existing operating base," Frost added.
"We anticipate important launches near-term of products from Farmadiet's rich pipeline. We also expect Farmadiet to market OPKO's diagnostics and pharmaceutical products as they become available for market and sale."
Further details of the agreement are expected to be included in OPKO's 8-K filing with the Securities and Exchange Commission.