British drug maker AstraZeneca announced Wednesday that it would acquire French drug developer Novexel in a deal worth $505 million.
Under the deal, AstraZeneca will pay $350 million anti-infection group Novexel's shares and another $80 million for its cash.
The British drug maker will pay further $75 million if specific targets in the development of its drug programs are reached.
Commenting on the deal, AstraZeneca said, "Building AstraZeneca's anti-infective portfolio has become a strategic priority as antibiotic-resistant bacteria pose a growing threat to human health."
Demand for new anti-infection drugs is being boosted by ever-increasing bacterial resistance to current antibiotics.
Shares in AstraZeneca were trading at 2,890.5 pence, up 1.5 pence.
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