Atlas Venture and Abingworth Management, two venture firms with local offices in Waltham, MA, are in line to exit their investments in French antibiotics developer Novexel, which announced yesterday it would be acquired by London-based drug giant AstraZeneca in a $505 million deal. AstraZeneca has agreed to pay $350 million in cash for all shares in Novexel, provide the firm’s shareholders with up to $75 million in potential milestone payments tied to the success of Novexel’s drugs, and transfer the $80 million in cash Novexel has to the shareholders. It’s not clear how much Atlas and Abingwoth had invested in the privately held antibiotics developer. The acquisition is expected to close in the first quarter of 2010.
Author: Ryan McBride
Ryan is an award-winning business journalist who contributes to our life sciences and technology coverage. He was previously a staff writer for Mass High Tech, a Boston business and technology newspaper, where he and his colleagues won a national business journalism award from the Society of American Business Editors and Writers in 2008. In recent years, he has made regular TV appearances on New England Cable News.
Prior to MHT, Ryan covered the life sciences, technology, and energy sectors for Providence Business News. He graduated with honors from the University of Rhode Island in 2001 with a bachelor’s degree in communications. When he’s not chasing down news, Ryan enjoys mountain biking and skiing in his home state of Vermont.
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