Opko Health Inc. (NYSE:OPK) said that SciVac Ltd., an Israeli firm in which it has a 45% ownership interest, has finalized a deal pursuant to which LEVON RESOURCES (OTCMKTS:LVNVF) will buy 100% of the stake in SciVac. The acquisition will be done by method of a court-approved plan of deal. Upon closing Levon plans to change its name to “SciVac Inc.” The current directors and officers of SciVac will be the directors and officers of new entity post-closing. As per the agreement, OPKO will own almost 30% of the total outstanding shares.
As per the deal between SciVac and Levon, New SciVac will hold CAD $27 million in cash upon closure of the transaction. The other assets and all liabilities of the Levon business will be transferred to new company that will be owned 100% by the existing Levon shareholders. SciVac Ltd. is headquartered in Israel and is in the field of producing, developing and marketing biological products.
Its flagship product is Sci-B-Vac. It is a next generation medication which has in multiple clinical trials shown improved antibody response. In addition, trials show that the medication results in rapid seroprotection. It can be utilized for ‘immunotherapy’ of chronic hepatitis B. As of now, the vaccine is only marketed in Israel but has obtained marketing authorizations in several nations.
Phillip Frost, the Chairman of OPKO, said that the deal with Leon offers capital to SciVac. It would help in the company’s objective of increasing opportunities for SciVac products. They key product is Sci-B-Vac™ which is a next-gen hepatitis B vaccine. It has been approved in several countries.
SciVac plans to get marketing approvals for lead vaccine in the U.S. and other territories worldwide. As of now, the focus will be on at-risk populations. It also intends to work on a pipeline of other therapeutics in the future.