As has been confirmed by both the parties involved, giant pharmaceutical firm AstraZeneca has struck a deal to acquire Novexel, the French private infection firm, in an arrangement which will cost the former a whopping $505 Million (316 Million Pounds).

Initially, the Anglo-Swedish drug maker will shell out $350 Million in cash up-front, in addition to $75 Million as and when certain set milestones are achieved. Also, another $80 Million will be given out as soon as the deal is complete.

Also, the company will be joining hands with Forest Laboratories to co-develop and commercialize two late-stage development programs for antibiotics, Ceftazidime/NXL-104 and Ceftaroline/NXL-104, which employ the French firm's "investigational beta-lactamase inhibitor NXL-104" to fight resistance to antibiotics and successfully treat a range of infections which have become resistant to existing treatment methods.

"The innovative structure of this agreement allows us to build on our existing collaboration with Forest to create value, share costs, and reduce exposure to risk while developing two novel antibiotic combinations that address a growing problem for clinicians and patients. Utilizing Novexel's NXL-104, these combinations have the potential to outwit bacteria that would otherwise be resistant to antibiotics", shared Anders Ekblom, Astra's Executive Vice-President of Development.