Published on August 21, 2008
EXHIBIT
5
SECURITIES
PURCHASE AGREEMENT
(this
“Agreement”) dated as of July 2, 2008 among the parties set forth on Schedule I
hereto (the “Sellers”) and the parties set forth on Schedule II hereto (the
“Purchasers”).
RECITALS
WHEREAS,
each
Seller currently owns and desires to sell that number of shares of issued and
outstanding shares of the Common Stock (the “Common Stock”), $0.01 par value, of
OPKO HEALTH, INC., a Delaware corporation (the “Corporation”) set forth opposite
such Seller’s name on Schedule I hereto (collectively, the “Purchased
Securities”); and
WHEREAS,
the
Purchasers desire to purchase from the Sellers Purchased Securities in the
aggregate amount set forth opposite such Purchaser’s name on Schedule II
attached hereto, for a purchase price of $1.35 per share of Purchased Security
(the “Purchase Price”).
NOW
THEREFORE,
in
consideration of the mutual promises contained herein and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows:
Section
1. Purchase
and Sale of the Purchased Securities.
Subject
to the terms and conditions hereof, each Seller hereby agrees to sell to each
Purchaser, and each Purchaser hereby agrees to purchase from each Seller, all
of
the Seller’s right, title and interest in, to and under, the Purchased
Securities in amounts, as applicable, as set forth opposite each Seller’s name
on Schedule
I
attached
hereto.
Section
2. Closing.
The
closing of the sale of the Purchased Securities (the “Closing”)
shall
take place on July 2, 2008 or as soon thereafter as is reasonably
practicable.
Section
3. Deliveries.
A. Seller
Deliverables.
At the
Closing, upon delivery of the Purchase Price, the Sellers shall deliver to
each
Purchaser:
(i)
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an
executed counterpart of this Agreement;
and
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(ii)
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copies
of the letter of transmittal and direction letter to the Corporation
providing for delivery of the Purchaser’s respective Purchased Securities
to such Purchaser;
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B. Purchaser
Deliverables.
At the
Closing, each Purchaser shall deliver to the Sellers:
(i)
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an
executed counterpart of this Agreement;
and
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(ii)
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the
applicable Purchase Price by check or wire transfer of immediately
available funds.
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Section
4. Representations,
Warranties and Acknowledgements of the Sellers.
Each
Seller hereby represents and warrants to each Purchaser, as
follows:
A. Due
Authorization; Due Execution; No Conflicts.
This
Agreement has been duly executed and delivered by such Seller and is the valid
and binding obligation of such Seller, enforceable in accordance with its terms.
The execution, delivery and performance by such Seller of this Agreement does
not (a) violate any provision of law, statute, rule or regulation applicable
to
such Seller or any ruling, writ, injunction, order, judgment or decree of any
court, administrative agency or other governmental body applicable to such
Seller or (b) conflict with or result in any breach of any of the terms,
conditions or provisions of, or constitute (with due notice or lapse of time
or
both) a default (or give rise to any right of termination, cancellation or
acceleration) under, or result in the creation of, any lien, security interest,
charge or encumbrance upon any of the properties or assets of such Seller under
any note, indenture, mortgage, lease agreement, or other agreement, contract
or
instrument to which such Seller is a party or by which such Seller’s property is
bound or affected.
B. Title
to the Securities.
Such
Seller has record and beneficial ownership of the Common Stock set forth
opposite the name of such Seller on Schedule
I
hereto.
Such Seller has good and valid title to the Common Stock, free and clear of
all
liens, claims, encumbrances and similar restrictions. Such Seller has the
absolute legal right, power and authority to sell to the Purchasers the
Purchased Securities to be sold by such Seller, and upon transfer to such Seller
of the Purchase Price, such Seller will pass to the Purchasers good and valid
title to the Purchased Securities, free and clear of all liens, claims,
encumbrances and similar restrictions.
C. Brokers
and Finders.
No
Person acting on behalf or under the authority of such Seller is or will be
entitled to any broker’s, finder’s, or similar fee or commission in connection
with the transactions contemplated hereby.
D. Acknowledgements.
Each
Seller acknowledges and agrees as follows:
(i)
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Each
of the Purchasers and their affiliates, and other related parties,
may now
possess and may hereafter possess certain information, including
material
and/or non-public information (“Information”),
concerning the Corporation and its affiliates and/or the Corporation’s
securities that may or may not be independently known to such
Seller.
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(ii)
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Such
Seller has entered into this Agreement and agrees to consummate the
purchase and sale of the Purchased Securities pursuant hereto
notwithstanding that it is aware that Information may exist and that
it
may not have been disclosed by any of the Purchasers to it, and confirms
and acknowledges that neither the existence of any Information, nor
the
substance of it, nor that the fact that it may not have been disclosed
by
any of the Purchasers to it, is material to it or its determination
to
enter into this Agreement and to consummate the purchase and sale
of the
Purchased Securities pursuant hereto. Such Seller shall not sue,
commence
litigation or make any claim arising out of or related to the omission
of
any of the Purchasers to disclose any Information to such
Seller.
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(iii)
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None
of the Purchasers has made and does not make any representation or
warranty, whether express or implied, including without limitation
with
respect to the business, condition (financial or otherwise), properties,
prospects, creditworthiness, status or affairs of the Corporation
or with
respect to the value of any of the Purchased Securities, of any kind
or
character and none of the Purchasers has any obligations to such
Seller,
whether express or implied, including without limitation, fiduciary
obligations, except as expressly set forth in this
Agreement.
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Section
5. Representations,
Warranties and Acknowledgements of the each of the
Purchasers.
Each
Purchaser, solely in respect of itself, represents to the Sellers as
follows:
A. Investment
Representations.
(i)
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Such
Purchaser is acquiring the Purchased Securities for its own account,
for
investment and not with a view to the distribution thereof, nor with
any
present intention of distributing the
same.
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(ii)
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Such
Purchaser understands that the Purchased Securities have not been
registered under the Securities Act of 1933, as amended (the “Securities
Act”),
by reason of their issuance in a transaction exempt from the registration
requirements of the Securities Act, and that they must be held
indefinitely unless a subsequent disposition thereof is registered
under
the Securities Act or is exempt from
registration.
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(iii)
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Such
Purchaser understands that the exemption from registration afforded
by
Rule 144 (the provisions of which are known to such Purchaser) promulgated
under the Securities Act depends on the satisfaction of various conditions
and that, if applicable, Rule 144 may only afford the basis for sales
under certain circumstances and only in limited
amounts.
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(iv)
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Such
Purchaser has had a reasonable time prior to the date hereof to ask
questions and receive answers concerning the terms and conditions
of the
sale and purchase of the Purchased Securities, and to obtain any
additional information which the Sellers possess or could acquire
without
unreasonable effort or expense, and has generally such knowledge
and
experience in business and financial matters and with respect to
investments in securities as to enable such Purchaser to understand
and
evaluate the risks of such investment and form an investment decision
with
respect thereto.
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(v)
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Such
Purchaser is an “accredited investor,” as such term is defined in Rule 501
(the provisions of which are known to such Purchaser) promulgated
under
the Securities Act.
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(vi)
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Such
Purchaser has all requisite power and authority to execute, deliver
and
perform this Agreement and to consummate the transactions contemplated
by
this Agreement and this Agreement constitutes a valid and binding
obligation of such Purchaser, enforceable against such Purchaser
in
accordance with its terms.
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B. Brokers
and Finders.
No
Person acting on behalf or under the authority of such Purchaser is or will
be
entitled to any broker’s, finder’s, or similar fee or commission in connection
with the transactions contemplated hereby.
C. Acknowledgements.
Each
Purchaser acknowledges and agrees as follows:
(i)
|
The
Sellers and their affiliates, and other related parties, may now
possess
and may hereafter possess Information concerning the Corporation
and its
affiliates and/or the Corporation’s securities that may or may not be
independently known to such
Purchaser.
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(ii)
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Such
Purchaser has entered into this Agreement and agrees to consummate
the
purchase and sale of the Purchased Securities pursuant hereto
notwithstanding that it is aware that Information may exist and that
it
may not have been disclosed by the Sellers to it, and confirms and
acknowledges that neither the existence of any Information, nor the
substance of it, nor that the fact that it may not have been disclosed
by
the Sellers to it, is material to it or its determination to enter
into
this Agreement and to consummate the purchase and sale of the Purchased
Securities pursuant hereto. Such Purchaser shall not sue, commence
litigation or make any claim arising out of or related to the omission
of
Sellers to disclose any Information to such
Purchaser.
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(iii)
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Such
Purchaser has appropriate sophistication with respect to the Purchased
Securities to undertake their purchase as contemplated herein and
has
independently and without reliance on the Sellers or their affiliates
and
based on such information as such Purchaser had deemed appropriate
in its
independent judgment made its own analysis and decision to enter
into this
Agreement.
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(iv)
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The
Sellers have not made and do not make any representation or warranty,
whether express or implied, including without limitation with respect
to
the business, condition (financial or otherwise), properties, prospects,
creditworthiness, status or affairs of the Corporation or with respect
to
the value of any of the Purchased Securities, of any kind or character
except as expressly set forth in this Agreement and the Sellers have
no
obligations to any Purchaser, whether express or implied, including
without limitation, fiduciary obligations, except as expressly set
forth
in this Agreement.
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Section
6. Successors
and Assigns.
This
Agreement shall bind and inure to the benefit of the parties and their
respective successors, assigns, administrative agents, heirs and estate, as
the
case may be. No party may assign its rights and obligations under this Agreement
to any third party without the prior consent of the other parties hereto.
Section
7. Entire
Agreement.
This
Agreement and the other writings and agreements referred to herein or delivered
pursuant hereto contain the entire agreement between the parties with respect
to
the subject matter hereof and supersede all prior arrangements or understandings
between such parties with respect thereto. This Agreement shall become effective
and be in full force and effect, immediately upon execution and delivery of
this
Agreement by all parties hereto.
Section
8. Amendments.
The
terms
and provisions of this Agreement may not be modified or amended, or any of
the
provisions hereof waived, temporarily or permanently, except pursuant to the
written consent of the parties hereto.
Section
9. Counterparts.
This
Agreement may be executed in any number of counterparts, each of which shall
be
deemed to be an original instrument, but all of which together shall constitute
one instrument.
-5-
Section
10. Governing
Law.
This
Agreement shall be governed by and construed in accordance with the laws of
the
State of Florida without regard to principles of conflicts of laws.
*
* * *
(Signatures
on following pages)
-6-
IN
WITNESS WHEREOF,
the
parties hereto have caused this Securities Purchase Agreement to be executed
as
of the date first written above.
SELLERS:
CLINICAL
RESEARCH GROUP INC.
By:
_______________________________
Name: Lynn
Bachrach
Title:
President and CEO
By:_______________________________
Name: Harry
Bachrach
Title:
Principle and CFO
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PURCHASERS:
FROST
GAMMA INVESTMENTS TRUST
__________________________________
Name:
Title:
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Schedule
I
Sellers
Seller
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Number
of Shares of Common Stock
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Clinical
Research Group Inc.
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141,453
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Schedule
II
List
of Purchasers
Purchaser
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Number
of Shares of Common Stock
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Frost
Gamma Investments Trust
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34,379
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