NEW YORK (TheStreet) -- Shares of Bio-Reference Laboratories (BRLI) were spiking, sharply up 33.01% to $43.84 on heavy volume in late morning trading Thursday, after the clinical testing laboratory agreed to be acquired by Opko Health (OPK) for about $1.47 billion.
As part of the all-stock deal, Bio-Reference shareholders will receive 2.75 shares of Opko for every share they own.
The two companies expect the deal to be completed during the second half of 2015.
Opko said it will use the marketing, sales and distribution resources of Bio-Reference Labs to push sales.
J.P. Morgan acted as the financial advisor to Opko, while Allen & Company LLC was the financial advisor to Bio-Reference Labs.
Shares of Opko Health were falling, down 8.26% to $17.54.
Miami-based Opko Health is a multi-national biopharmaceutical and diagnostics company, involved in developing a range of solutions to diagnose, treat and prevent various conditions.
About 3.76 million shares of Bio-Reference have exchanged hands as of 11:17 a.m. ET today, compared to its average trading volume of about 155,185 shares a day.
Elmwood Park, N.J.-based Bio-Reference Laboratories is a clinical testing laboratory, which offers testing, information and related services to physician offices, clinics, hospitals, employers and governmental units.
The company offers a range of laboratory testing services utilized by healthcare providers in the detection, diagnosis, evaluation, monitoring and treatment of diseases.
It is focused on esoteric testing, molecular diagnostics, anatomical pathology, genetics, women's health and correctional health care.
Separately, TheStreet Ratings team rates BIO REFERENCE LABS as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation: