Tuesday, March 25, 2008

AVI BioPharma Closes Buy of Ercole Biotech

AVI BioPharma Inc., a developer of therapies for life-threatening diseases, announced Monday that its acquisition of fellow biopharmaceutical firm Ercole Biotechnology Inc. concluded Thursday. Under the terms of the agreement, AVI issued some $7.4 million in common stock (valued at $1.3161 per share) for all outstanding shares of Ercole stock that AVI didn't already own. AVI said it has also assumed responsibility for some $1.5 million in Ercole liability, for which it will pay with a combination of cash and AVI stock. AVI BioPharma is headquartered in Portland, Ore.