Maryland biopharmaceutical company Cerecor has completed its acquisition of Wayne, Pennsylvania-based Aevi Genomic Medicine Inc. in a transaction involving two companies both focused on developing new therapies for rare pediatric diseases.
The all-stock deal, first disclosed in December, carries a value up to $22.1 million. Aevi shareholders received $15.6 million in Cerecor stock, plus the potential for up to another $6.5 million in conditional payments. The combined company will be based at Cerecor's headquarters in Rockville, but it will also continue to have an office in Wayne and operate under the name Cerecor. Cerecor was founded in Baltimore and recently moved its headquarters to Rockville.