AstraZeneca pays $350m for French firm

AstraZeneca and Forest Laboratories are collaborating on development of two experimental antibiotics in a deal that centres on Astra's $350m (£219m) acquisition of Novexel, a privately held French company.

Astra and New York-based Forest will develop two combination antibiotics, each of which uses an experimental product from Novexel. Astra will acquire Novexel for $350m and will pay up to $75m more if development milestones are reached.