U.K. drug maker AstraZeneca PLC (AZN.LN) Wednesday said it has agreed to acquire Novexel of France for at least $350 million, in a deal that broadens its pipeline of anti-infection drugs.

AstraZeneca said it will work with Forest Laboratories Inc. (FRX) to develop and commercialize the company's two lead drug programs, called CAZ104 and CEF104.

The company said it agreed to buy Paris-based Novexel for $350 million in cash and will pay another $75 million to Novexel shareholders if certain development milestones are reached.

It will also transfer $80 million--equivalent to Novexel's cash balances--to shareholders when the deal closes.

The deal is the latest in several transactions the Anglo-Swedish pharmaceutical company has made to add more drugs to its pipeline in recent months.

Company Web site: www.astrazeneca.com

-By Jason Douglas, Dow Jones Newswires; 44-20-7842-9272; jason.douglas@dowjones.com
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