Benzinga | Jun 17, 2021 07:02AM EDT

OPKO Health Announces SaleOf iIs Sterile Fill And Finish Manufacturing Facility In Ireland To Horizon Therapeutics For $65M

OPKO Health, Inc. (NASDAQ:OPK) announces that its subsidiary, EirGen Pharma, Ltd., has entered into a definitive agreement to sell one of its facilities in Waterford, Ireland to Horizon Therapeutics plc (NASDAQ:HZNP) for $65 million in cash less certain assumed and accrued liabilities relating to transferred employees. The facility houses EirGen's sterile-fill-finish business. EirGen's research and development employees who were located at the site will transition to a new facility.



"This facility in Ireland is no longer a core component of our ongoing operations and business strategy, and its sale allows us to focus EirGen's business on oral solid dose products. We are pleased to monetize the asset, which provides a meaningful return on our invested capital," said Phillip Frost, M.D., Chairman and Chief Executive Officer of OPKO. "The transaction with Horizon Therapeutics strengthens our balance sheet while reducing expenses and improving efficiency."

OPKO expects the transaction to close in approximately one month, subject to governmental consent in Ireland and customary closing conditions.