Denmark’s Novo has paid private investors $700 million to acquire Xellia Pharmaceuticals, a Norwegian anti-infectives firm. Since its 2008 spin-off from Alpharma, Xellia has shifted from making active ingredients to selling fermented and semisynthetic finished drugs. It had revenues of $220 million last year. Xellia says Novo’s investment will allow it to focus on R&D and to expand manufacturing. Novo manages the assets of the $30 billion Novo Nordisk Foundation and is the major shareholder in Novo Nordisk, Novozymes, and Chr. Hansen.