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According to the Associated Press, Swiss pharmaceuticals company Novartis AG said recently it is buying U.S.-based antibiotics developer Protez Pharmaceuticals Inc. for as much as $400 million.
Protez, based in Malvern, Pa., is currently in the second phase of clinical trial for a broad-spectrum antibiotic to treat multi-drug resistant bacteria strains.
Antibiotic resistant infections cause more than 100,000 deaths a year in the United States and Europe, Novartis said.
The deal will involve an initial payment of $100 million with the potential for additional payments of up to $300 million depending on the success of the new antibiotic.
According to the manufacturer, Protez will become a stand-alone subsidiary of Novartis, maintaining its operations in Malvern. The deal is subject to customary closing conditions.
Protez, based in Malvern, Pa., is currently in the second phase of clinical trial for a broad-spectrum antibiotic to treat multi-drug resistant bacteria strains.
Antibiotic resistant infections cause more than 100,000 deaths a year in the United States and Europe, Novartis said.
The deal will involve an initial payment of $100 million with the potential for additional payments of up to $300 million depending on the success of the new antibiotic.
According to the manufacturer, Protez will become a stand-alone subsidiary of Novartis, maintaining its operations in Malvern. The deal is subject to customary closing conditions.
