Novexel Offers Exit to Atlas and Abingworth

Xconomy Boston — 

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.