OPKO Health has signed a definite agreement to acquire Sao Paulo, Brazil based pharmaceutical company Silcon Comércio, Importacao E Exportacao de Produtos Farmaceuticos e Cosmeticos.
The acquisition is expected to expand OPKO's presence in Latin American countries and complement its businesses in Chile and Mexico.
OPKO believes Silcon is a key element for its diagnostic business providing important cross marketing opportunities for its products.
OPKO chairman and CEO Phillip Frost said the acquisition will allow the company to satisfy regulatory requirements for doing business in Brazil.
"Moreover, this platform enhances commercial synergies among our recent acquisitions and facilitates the near-term commercialization in the Brazilian market of our 4Kscore, a novel panel of biomarkers and associated algorithm to more accurately detect and grade possible prostate cancers," Frost added.
Silcon permits marketing of the 4KScore prostate cancer test as a reference laboratory test in Brazil while OPKO wins local approval to market its point of care microfluidics disposable test cassettes.
