Dr. Phillip Frost has managed the creation of several pharmaceutical and biotechnology companies. In an interview from September 2008, Dr. Frost is given credit for the creation of Opko Health (OPK) and is described by then Executive Vice President Samuel J. Reich: “Our CEO and Chairman is Dr. Phillip Frost. He is a dermatologist who has been a successful entrepreneur in the pharmaceutical industry. He started a company called Key Pharmaceuticals when he was the Chairman of Dermatology at Mount Sinai in Miami and successfully built that business up and sold it to Schering-Plough in 1986, at which time he started IVAX, which again he devoted 20 years to build and sold it in 2006 to Teva. Dr. Frost is a visionary and a great leader.”
Certainly the stock price of Opko has responded well, increasing from $1.77 per share at the time of this interview to over $6.50 per share currently. Recently, both the Chief Technology Officer and Vice Chairman of the Board of Opko, Dr. Jane Hsiao, and Dr. Frost have been buying shares in Opko Health, as can be seen in SEC filings here and here.
HEALTH CARE AND BIOTECHNOLOGY INVESTORS CLICK HERE.
Dr. Frost is also investing in PROLOR Biotech (PBTH), and this company has announced that it will be merged into Opko in a share-for-share acquisition. Boris Peaker, an Executive Director and Senior Analyst at Oppenheimer & Company, described the company in this September 2012 interview: “PROLOR’s technology shows that their version of growth hormone is effective and may be given once a week, maybe every two weeks, but for now at least once a week. And we think it could be a game changer for the growth hormone market, which is well established at this point.”
Dr. Frost has been acquiring more shares of PROLOR as the merger moves forward, some as recently as June 4, according to this SEC filing. With these insider purchases, a track record of value creation and support for their drug-development plans from an experienced biotech investment analyst, this business combination appears to have many positive attributes.
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