Ercole Biotech is being acquired by AVI Biopharma. The two companies have worked together since December 2006 on drug candidates including AVI-4658, a drug for Duchenne muscular dystrophy currently in clinical trial in the United Kingom.
AVI (Nasdaq: AVII) will issue up to $7.5 million in AVI common stock as part of the deal, which is expected to close by March 21.
Ercole, based in Research Triangle Park, was founded in 2002. The company's technology involves alternative RNA splicing for therapeutic intervention.