AstraZeneca to pay up to $505M for Novexel

Not to be left out of the late-year deal frenzy, AstraZeneca revealed this morning that it will pay at least $350 million--and as much as $505 million--for Novexel, a French biotech company with a pipeline of therapies designed to target infections caused by drug-resistant bacteria in the hospital. Novexel's investors get $350 million in cash, $75 million in milestones and $80 million on the closing. Novexel currently has two antibacterials in Phase II clinical development: the injectable beta-lactamase inhibitor, NXL104 and the oral streptogramin antibiotic, NXL103. - check out the Novexel's release

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