54.3 F
San Diego
Thursday, Mar 28, 2024
-Advertisement-

Biotech—Aurora buys Wisconsin firm in $86 million stock deal



Five Local Biotechs Ranked Among Fast 500 Growth Firms in America

Aurora Biosciences Corp., a San Diego-based biotechnology firm, bought a Wisconsin-based firm with complementary technology for about $86 million in stock.

Aurora, which has an automated system that can screen potential drugs faster and cheaper for drug makers, said Nov. 17 it bought Madison, Wis.-based PanVera Corp., which has produced hundreds of recombinant proteins for sale.

Under the agreement, Aurora will buy all of PanVera’s shares outstanding in a pooling-of-interest transaction, the companies said.

PanVera shareholders will receive about 1.34 shares of Aurora stock for each of their shares.

Aurora will issue a total of 1.9 million shares.

Stuart J.M. Collison, Aurora’s chairman, CEO and president, said the deal is important for Aurora in several ways: PanVera gives Aurora access to protein experts and a strong sales and marketing infrastructure.

Aurora’s deal with PanVera marks the second buyout in two months. In October, the company bought Quorum Sciences Inc. of Iowa City, Iowa.

– – –

Biotechs On The Move: Consulting group Deloitte & Touche ranked five San Diego-based biotech firms among North America’s 500 fastest growing technology firms.

They are CardioDynamics International Corp., Nanogen Inc., and Trega Biosciences Inc. in San Diego; Immune Response Corp. in Carlsbad and Innovative Medical Services in El Cajon.

Each company was selected based on their revenues over the last five years, according to Deloitte & Touche.

San Diego-based CardioDynamics ranked No. 166 on the “2000 Technology Fast 500” list.

The maker of a heart monitoring device reported a 2,538 percent five-year revenue growth.

Nanogen, a DNA chipmaker, ranked 170th on the Fast 500 list given its 2,453 percent five-year revenue growth.

Immune Response, which developed a vaccine for HIV-patients, ranked No. 289 with a 1,230 percent five-year revenue growth.

Trega Biosciences, which specializes in finding drug compounds, was listed No. 379, with a 876 percent increase in five-year sales.

Innovative Medical Services, which sells a water purification system, placed No. 473 with a 636 percent increase in five-year revenues.

“This is a clear sign that San Diego is one of the leaders in the biotech industry,” said James Fazio, a partner of Deloitte & Touche’s San Diego Technology & Communications Group.

Diversa Combs Russian Soil: Diversa Corp., a San Diego-based biotech firm, announced Nov. 14 it signed an agreement with federal regulators in Russia to join forces in digging up Russia’s soil for microorganisms that could yield products.

Under the agreement, Diversa will apply its genomics technology to screen samples of “pristine” and “contaminated” areas to be developed for commercial use.

Diversa will pay Russia a royalty on revenues of any products used by the pharmaceutical, agricultural, chemical processing or industrial industries.

Diversa has signed numerous deals to explore the habitats of other countries for chemicals that could be developed into drugs or industrial products.

Send story ideas to mwebb@sdbj.com.

-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-
-Advertisement-