Opko Health Inc. (NYSE:OPK) announced that SciVac Ltd. (“SciVac”), an Israeli entity in which OPKO has a forty-five percent ownership interest, completed its previously announced plan of arrangement under Section 288 of the Business Corporations Act (British Columbia) (the “Transaction”) with SciVac Therapeutics Inc. (the “Company,” formerly Levon Resources Ltd. (“Levon”)), pursuant to which the Company acquired 100% of the issued and outstanding securities of SciVac in exchange for common shares of the Company (the “Common Shares”). The terms and conditions on which the Transaction was completed were set out in the arrangement agreement dated March 19, 2015 (the “Arrangement Agreement”) among Levon, SciVac and 1027949 B.C. Ltd.

Upon completion of the Transaction, the former SciVac security holders now hold 68.4% of the issued and outstanding Common Shares, with OPKO acquiring ownership of 185,129,317 Common Shares, representing 24.5% of the issued and outstanding Common Shares. Prior to the Transaction, OPKO did not own any of the issued and outstanding Common Shares of the Company. On completion of the Transaction, the Company changed its name from Levon Resources Ltd. to SciVac Therapeutics Inc.

OPKO acquired the Common Shares for investment purposes. Depending on market conditions and other factors, OPKO may from time to time acquire additional securities of the Company or dispose of securities of the Company in the open market, by private agreement or otherwise.

Other than CAD $27 million in cash, which the Company retained, all assets and liabilities of the historical Levon Resources business have been transferred to or assumed by a newly formed company, which is owned 100% by those persons who were shareholders of Levon Resources immediately prior to the Transaction.

The Transaction has been granted conditional approval by the Toronto Stock Exchange (the “TSX”). The Common Shares are expected to commence trading on the TSX under the ticker symbol “VAC” at the commencement of trading on July 14, 2015. The Company also expects the Common Shares to be quoted on the OTCQX under the symbol “SVAC.”

The Company’s previous management team resigned at or about the closing of the Transaction, and the following persons assumed the following offices: Curtis A. Lockshin – Chief Executive Officer; James J. Martin – Chief Financial Officer; Steven D. Rubin – Chairman; and Shayla Forster – Corporate Secretary.

The previous members of the board of directors of the Company resigned at or about the closing of the Transaction and were replaced by the following individuals: Steven D. Rubin (Chairman); Curtis A. Lockshin; Dmitry Genkin; Kate Inman; Adam Logal; and David Rector. In accordance with the conditional approval of the TSX, the Company has agreed to appoint an additional independent director within 90 days following the listing of the Common Shares on the TSX. (Original Source)

Shares of Opko Health closed yesterday at $16.56. OPK has a 1-year high of $19.20 and a 1-year low of $8.02. The stock’s 50-day moving average is $16.49 and its 200-day moving average is $14.17.

On the ratings front, Opko Health has been the subject of a number of recent research reports. In a report issued on May 12, Oppenheimer analyst Rohit Vanjani maintained a Hold rating on OPK. Separately, on March 26, Barrington Research’s Michael Petusky initiated coverage with a Buy rating on the stock and has a price target of $19.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Rohit Vanjani and Michael Petusky have a total average return of 37.1% and 6.7% respectively. Vanjani has a success rate of 74.4% and is ranked #16 out of 3694 analysts, while Petusky has a success rate of 68.8% and is ranked #1429.

Opko Health Inc is a biopharmaceutical and diagnostics company. The Company is engaged in the research and development of pharmaceutical products and vaccines.