NEW YORK, March 1 - Aurora Biosciences said Thursday it completed its acquisition of Panvera, a Madison, Wisc.-based manufacturer of recombinant protein drug targets and protein drug screening assays.
Under the terms of the agreement, which has been approved by Panvera shareholders, Aurora will issue up to 1.9 million shares of its common stock in the transaction.
On November 17, the day the deal was originally announced, Aurora’s stock was trading just above $45 a share. Since then, the price has steadily fallen to about $18 a share.
Aurora Biosciences of San Diego develops and applies proprietary technologies to accelerate the discovery of new medicines.