Welcome to our dedicated page for Opko Health news (Ticker: OPK), a resource for investors and traders seeking the latest updates and insights on Opko Health stock.
OPKO Health Inc. (NASDAQ: OPK) is a diversified healthcare company focused on establishing leading positions in large, rapidly growing markets. OPKO operates through two main segments: Diagnostics and Pharmaceuticals.
OPKO's Diagnostics segment includes BioReference Laboratories, the nation's third largest clinical laboratory. BioReference offers a comprehensive range of diagnostic services and features a core genetic testing business supported by a skilled 400-person sales and marketing team. Notable products include the 4Kscore® test for prostate cancer and the Claros® 1 in-office immunoassay platform.
The Pharmaceutical segment of OPKO showcases a diverse portfolio of products. Rayaldee, an FDA-approved treatment for secondary hyperparathyroidism in stage 3-4 chronic kidney disease patients with vitamin D insufficiency, was launched in November 2016. Other significant pharmaceutical developments include Varubitm for chemotherapy-induced nausea and vomiting, OPK88004 for type 2 diabetes and obesity, and OPK88003, a selective androgen receptor modulator for benign prostatic hyperplasia, both of which are in Phase 2 clinical trials.
OPKO has recently made headlines with strategic collaborations and technological advancements. BioReference Health, a subsidiary of OPKO, has entered a strategic alliance with SOPHiA GENETICS to incorporate MSK-ACCESS® liquid biopsy technology. This partnership aims to enhance BioReference's genomic analysis capabilities and offer state-of-the-art cancer testing across the U.S. Another collaboration with Prognos Health aims to merge genomic data with real-world data, facilitating precision medicine and improving patient outcomes.
Financially, OPKO continues to exhibit a strong performance with ongoing projects and strategic acquisitions. The acquisition of select assets from BioReference Health by Labcorp is set to expand OPKO's reach and capabilities, strengthening its market presence.
Headquartered in Miami, Florida, OPKO Health is committed to improving healthcare through innovation, scientific expertise, and strategic partnerships. For more detailed information about their products, services, and latest news, visit www.opko.com.
BioReference Laboratories, a subsidiary of OPKO Health (NASDAQ: OPK), has launched a COVID-19 testing program aimed at U.S. crew and guests cruising with Royal Caribbean Group. This program mandates rapid PCR testing for unvaccinated guests prior to embarkation and at the end of their voyage, with additional testing during the cruise as needed. The initiative is designed to enhance safety for travelers, providing results within 40 minutes of arrival at the port. BioReference, a leading lab in the U.S., serves approximately 19 million patients annually and offers extensive testing solutions.
OPKO Health, Inc. (NASDAQ: OPK) has announced a partnership between its subsidiary EirGen Pharma and Nicoya Macau Limited for the commercialization of RAYALDEE in Greater China. The agreement includes an upfront payment of $5 million and additional payments contingent on development milestones, totaling up to $115 million. Nicoya will handle regulatory approvals and commercialization. With an estimated 19 million patients with stage 3 or 4 chronic kidney disease in the region, this collaboration aims to tap into a significant market opportunity.
OPKO Health, Inc. (NASDAQ: OPK) announced that its subsidiary, EirGen Pharma, has agreed to sell its Waterford, Ireland facility to Horizon Therapeutics for $65 million. This sale will streamline EirGen’s operations, focusing on oral solid dose products. CEO Phillip Frost emphasized the transaction strengthens OPKO's balance sheet while cutting expenses and enhancing efficiency. The deal is expected to close in about a month, pending governmental approvals.
OPKO Health (NASDAQ: OPK) will participate in the Jefferies Virtual Healthcare Conference from June 1-4, 2021. Management will engage in a fireside chat on June 2 at 11:30 a.m. Eastern time. The chat will be available via live webcast and archived on OPKO Health’s investor website. Additionally, one-on-one virtual meetings with investors will occur throughout the day. OPKO Health focuses on biopharmaceuticals and diagnostics, aiming to lead in growing markets through innovative technologies.
OPKO Health (NASDAQ: OPK) has transferred the rights to its product RAYALDEE® in Japan from Japan Tobacco (JT) to Vifor Fresenius Medical Care Renal Pharma (VFMCRP). The agreement follows JT's decision to terminate its exclusive rights based on a review of its pipeline. EirGen Pharma will now work with VFMCRP under an existing agreement for the product's commercialization in Japan and other markets. RAYALDEE® treats secondary hyperparathyroidism in chronic kidney disease patients and is approved in the U.S. and 11 European countries.
OPKO Health, Inc. (NASDAQ: OPK) has entered into exchange agreements with certain noteholders to convert $55.42 million of its 4.50% Convertible Senior Notes due 2025 into shares of common stock. The exchange will be based on a volume-weighted average price with a floor price of $3.50 per share, starting today. Additionally, OPKO will pay accrued interest to the noteholders in cash. This move is expected to reduce the outstanding borrowed shares related to a previous share lending agreement with Jefferies Capital Services.
OPKO Health reported a significant increase in revenues for Q1 2021, reaching $545.2 million, compared to $211.5 million in Q1 2020. Net income was $31.1 million, or $0.05 per diluted share, recovering from a net loss of $59.1 million a year prior. COVID-19 testing spurred a 158% rise in test volume at BioReference Laboratories, processing 4.3 million PCR tests and expanding services to schools and sports leagues. However, sales of RAYALDEE decreased significantly, reflecting challenges in the base testing business.
BioReference Laboratories, part of OPKO Health (NASDAQ:OPK), has renewed its role as the COVID-19 testing provider for Major League Soccer (MLS) for the second consecutive year. This renewal, effective from April 17, 2021, includes providing laboratory-based PCR and point-of-care COVID-19 testing for players, match officials, and staff across 13 teams. Additionally, testing will extend to fans attending home games, starting with the New England Revolution's match on April 24. BioReference's involvement began during the 2020 MLS is Back Tournament, showcasing its commitment to ensuring safety in sports during the pandemic.
OPKO Health, Inc. (NASDAQ: OPK) will report its financial results for Q1 2021 on April 28, 2021, after U.S. markets close. The company will host a conference call at 4:30 PM ET to discuss the results and provide financial guidance. Participants can pre-register for the call or access it via webcast. A replay will be available shortly after the call. OPKO is focused on establishing strong positions in large markets through its innovative biopharmaceutical and diagnostics technologies.
On April 1, 2021, BioReference Laboratories, an OPKO Health company (NASDAQ:OPK), announced a COVID-19 testing agreement with Major League Baseball (MLB) for the 2021 season. This partnership involves providing on-site rapid PCR testing for all 30 MLB teams, starting from Opening Day. BioReference, already servicing all five major professional men's sports leagues in the U.S., aims to support a safe and full MLB season. This collaboration signifies BioReference's commitment to health and safety in sports amidst the ongoing pandemic.
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