OPKO Health, a global biopharmaceutical and diagnostics company, has decided to acquire Farmadiet Group Holding, a Spanish company that develops, manufactures and markets pharmaceutical, nutraceutical and veterinary products.

With this acquisition, OPKO establishes a presence in the E.U. through an established regional, integrated specialty pharmaceutical participant. The acquisition also allows OPKO near term product commercialization synergies through introduction of Farmadiet’s products to OPKO’s existing Latin American operations. Farmadiet’s product development pipeline also offers many near-term new product entry opportunities.

"This acquisition is an excellent strategic fit as we expand our global manufacturing, sales and distribution capabilities for a growing range of products,” said Phillip Frost, M.D., chairman and CEO of OPKO. “We anticipate important launches near-term of products from Farmadiet’s rich pipeline. We also expect Farmadiet to market OPKO’s diagnostics and pharmaceutical products as they become available for market and sale.”

Further details of the agreement will be included in OPKO’s 8-K filing with the Securities and Exchange Commission.