Opko Health's Stock Soars After Pfizer Development Agreement

Shares of Opko Health soared 13% in premarket trade Monday, after the biopharmaceutical company announced an agreement with Pfizer Inc. to develop its treatment for growth hormone deficiency. As part of the agreement, Opko will receive an upfront payment of $295 million, and will be eligible to receive an additional $275 million if it reaches certain regulatory milestones. In turn, Pfizer will have an exclusive license to commercialize the GHD treatment globally. Through Friday, Opko's stock had lost 3.1% this year, compared with an 8.3% gain in the S&P 500. Pfizer's stock, a component of the Dow industrials, rose 0.6% ahead of the open.