Sanofi-Aventis To Buy Fovea For $541M

NEW YORK (AP) -- Privately held Fovea Pharmaceuticals said Thursday it is being bought by drug developer Sanofi-Aventis in a transaction valued at 370 million euro ($541.1 million), including upfront and potential future payments.

The deal is expected to close in the fourth quarter.

Paris-based Fovea said it has three clinical compounds focused on eye conditions.

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