Novartis signs $400M takeover deal with biotech firm

Novartis AG announced Wednesday that it will acquire Protez Pharmaceuticals, a biotech firm based in Malvern, Pa., for $400 million. The deal grants Novartis rights to PZ-601, an injectable antibiotic developed by Protez to fight potentially lethal drug-resistant infections, including those caused by MRSA and other superbugs.

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