Greenberg Traurig Facilitates OPKO Health's $722M Asset Sale to Labcorp

Greenberg Traurig Facilitates OPKO Health's $722 Million Asset Sale to Labcorp

In a significant financial transaction, the global law firm Greenberg Traurig, P.A. has successfully advised multinational biopharmaceutical company OPKO Health, Inc. on a landmark agreement to sell certain assets of its subsidiary, BioReference Health, LLC, to Labcorp. This deal, valued at over $722 million, represents a strategic move for OPKO Health as it looks to streamline operations and enhance its focus on key business areas.

Details of the Sale

The transaction will see OPKO receive $722 million in cash upfront at closing. There is also potential for an additional earnout of up to $150 million contingent on revenues generated from the 4Kscore® Test. This FDA-approved blood test is designed to predict the likelihood of aggressive prostate cancer, thus playing a crucial role in preventive healthcare. The sale will provide Labcorp with BioReference's laboratory testing capabilities, primarily focused on clinical and women's health, urology, corrections, and additional related operational assets, including over 80 patient service centers scattered across the nation.

Legal Insights

Leading the Greenberg Traurig deal team from Miami was Corporate Practice Co-Chair Drew M. Altman, alongside Shareholder Guillaume Le Masson. Also instrumental was Corporate Practice Shareholder Robert L. Grossman, who has played a pivotal role in building the firm’s Israel practice over the past two decades.

In comments regarding the deal, Grossman expressed gratitude for the long-standing collaboration with OPKO, highlighting the hard work and dedication of both teams throughout the negotiation process. He stated, "We value our longstanding relationship with OPKO and appreciate the trust they placed in us on this transaction. This matter reflects the commitment, talent, and hard work of both the OPKO team and the multidisciplinary Greenberg Traurig lawyers who worked together across practices and offices."

Comprehensive Legal Support

The deal involved significant contributions from various practice areas within Greenberg Traurig. Key players included Miami Tax Shareholder L. Frank Cordero, Houston Healthcare FDA Shareholders Nicholas J. Diamond, Ph.D., and Charles C. Dunham, IV, New York Intellectual Property Shareholder David M. Greenberg, as well as Washington, D.C. Antitrust Shareholder Justin P. Hedge. The comprehensive support from experts in various legal domains ensured that all aspects of the transaction were thoroughly addressed, paving the way for a smooth completion.

Other notable mentions include Washington D.C. Government Contracts Shareholder Melissa P. Prusock, Miami Tax Shareholder Leanne Reagan, and Atlanta Labor and Employment Shareholder Natasha L. Wilson, among others. Their diverse expertise contributed significantly to the successful negotiation and execution of this major transaction.

About Greenberg Traurig

Greenberg Traurig, LLP boasts a workforce of approximately 3,200 lawyers across 51 locations worldwide, providing innovative and strategic legal services across multiple industries and borders. Recognized as a premier law firm, it consistently ranks among the top firms globally based on various legal performance metrics. Beyond its noteworthy achievements, Greenberg Traurig is also committed to philanthropic endeavors, showcasing a culture of giving back while maintaining excellence in service delivery.

This recent transaction not only reinforces OPKO Health’s market position but also highlights Greenberg Traurig's expertise in facilitating complex mergers and acquisitions within the healthcare and biopharmaceutical sectors. As the industry continues to evolve, such strategic moves will be critical for companies to maintain their competitive edge.