NEW YORK (TheStreet) -- Shares of Opko Health (OPK) were trading in the red, down 1.48% to $16.01 on heavy volume in midday trading Friday, adding to its losses from the prior session following its announcement that it will acquire Bio-Reference Laboratories (BRLI).
As part of the all-stock deal, Bio-Reference shareholders will get 2.75 shares of pharmaceutical company Opko for every share they own.
The two companies expect the roughly $1.47 billion 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.
About 7.15 million shares of Opko Health have exchanged hands as of 12:11 p.m. ET today, compared to its average trading volume of about 4.1 million shares a day.
Miami-based Opko Health is a multi-national biopharmaceutical and diagnostics company.
The company is involved in developing a range of solutions to diagnose, treat and prevent various conditions, including point-of-care tests, laboratory developed tests, molecular diagnostics tests, and proprietary pharmaceuticals and vaccines.
Separately, TheStreet Ratings team rates OPKO HEALTH INC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate OPKO HEALTH INC (OPK) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and solid stock price performance. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and feeble growth in the company's earnings per share."