OPKO Health is going to book a big gain on the sale of a major asset. The company announced that it has completed the sale of its stake in Sorrento Therapeutics. OPKO Health did not identify the buying party or parties, but did say the price was roughly $22 million.
The deal marks a very lucrative exit for the company. In June 2009, it entered into a stock purchase agreement with Sorrento to buy around one-third of the firm's common stock for $2.3 million. The deal also included an exclusive license to Sorrento's antibody library for research into ophthalmology treatments.
This will likely be far from the last such deal OPKO Health makes. In the press release announcing the divestment, the firm quoted its CEO Philip Frost as saying that it "further crystallizes our strategy of making small investments in other health care companies to either have access to new technology for our product pipeline or to benefit from appreciation in the value of our investment."
The article OPKO Health Sells Remainder of Sorrento Therapeutics Stake originally appeared on Fool.com.Fool contributor Eric Volkman has no position in any stocks mentioned. Nor does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.