Novo To Lay Down $700M For Antibiotics Specialist Xellia

Law360, New York (May 21, 2013, 6:45 PM EDT) -- Novo A/S, the holding company for Danish drugmaker Novo Nordisk A/S, has agreed to purchase majority venture capital-owned Norwegian antibiotic drug specialist Xellia Pharmaceuticals A/S for $700 million, the companies announced Tuesday.

Under the terms of the deal, Novo will purchase all shares in Oslo-based Xellia, taking it off the hands of British venture capital company 3i Group PLC and other investors and moving Xellia's headquarters to Copenhagen. The deal is expected to close in the third quarter of 2013, subject to approval from Danish and...
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