Novartis buys antibiotics developer Protez
The Swiss pharmaceuticals company says it is buying US-based antibiotics developer Protez Pharmaceuticals Inc.4 June 2008
BASEL - Swiss pharmaceuticals company Novartis AG said Wednesday it is buying US-based antibiotics developer Protez Pharmaceuticals Inc.
Protez, based in Malvern, Pennsylvania, is currently in the second phase of clinical trial for a broad-spectrum antibiotic to treat multi-drug resistant bacteria strains such as MRSA.
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 CHF 104 million (USD 100 million), with the potential for additional payments of up to CHF 312 million (USD 300 million) depending on the success of the new antibiotic, Novartis said.
[AP / Expatica]