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Optos to acquire Opko Health

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MIAMI — Opko Health has declared its intent to sell its ophthalmic instrumentation business to Optos Inc. for $17.5 million in cash at closing, plus future royalties, according to an Opko press release.

"We believe that the instrumentation business and OCT SLO technology have strong potential that will benefit greatly from the synergies provided as part of a large and successful ophthalmic-focused instrumentation company; we have great confidence that our instrumentation business will grow and prosper as part of Optos," Phillip Frost, MD, CEO of Opko, said in the release.

The transaction awaits the approval of shareholders of Optos and customary closing conditions, but the deal has been approved by both companies' board of directors. It is expected to close in the fourth quarter, according to the release

"Following the sale of the instrumentation business, Opko expects to benefit from greater focus on our molecular diagnostics and pharmaceutical businesses," Dr. Frost said in the release.