BancBoston Robertson Stephens Upgrades ABSC to a Strong Buy Rating from a Buy.

SAN FRANCISCO--(BUSINESS WIRE)--Sept. 15, 1999--

BancBoston Robertson Stephens senior biotechnology analyst Michael G. King Jr. today upgraded Aurora Biosciences (NASDAQ:ABSC) to a Strong Buy rating from a Buy rating.

Aurora's business model is unique in that it develops screening assays and builds Ultra-High Throughput Screening System (UHTSS) for use internally by its customers, while retaining downstream royalties from discoveries made using these assay systems.

"We are upgrading Aurora to a Strong Buy rating from a Buy, based on current valuation, recent positive developments and upcoming drivers," said King. "We view Aurora as a play on the boom in genomics, as an increasing number of drug targets will need screening and validation."

"Shares of ABSC trade at a valuation toward the low end of its peer group, despite an impressive number of new and expanded relationships for its UHTSS during 1999 and a market opportunity we estimate to be greater than $1 billion," said King.

"We believe Aurora is attractive for its high degree of recurring revenue and its anticipated profitability in fourth-quarter 1999," said King. "We are establishing a new price target of $31, which we derive by applying a 9 times multiple to our fiscal 2000 revenue forecast of $62 million."

Clients interested in receiving more information should contact their salesperson at 415/781-9700.

BancBoston Robertson Stephens is the leading full-service investment bank focused exclusively on growth companies. For the first half of 1999, the firm completed over 100 offerings, raising more than $15 billion in capital for clients and is the leading investment bank for Internet M&A transactions. The firm's 45 research analysts cover nearly 700 companies.

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