Cannes 2012: Chloe Moretz, Jessica Biel to Star in 'Deep Blue Sea'; Justin Timberlake to Compose

CANNES -- AngelWorld Entertainment will finance and produce the Jessica Biel-Chloe Moretz-Jeffrey Dean Morgan starrer The Devil in the Deep Blue Sea, with Justin Timberlake set to compose the movie's soundtrack and serve as music supervisor.

Bill Purple will direct from a script he co-wrote with Robbie Pickering. Biel will produce with Michelle Purple under their Iron Ocean Films banner alongside Preferred Content's Ross M. Dinerstein and AngelWorld's Darby Angel.

PHOTOS: Cannes 2012: THR's Video Diary

AngelWorld has burst on the scene at this year's Cannes, announcing a new $150 million equity fund that will finance six films. Deep Blue Sea is the second of the titles announced after The Big Shoe, directed by Steven Shainberg and starring Jim Sturgess and Susan Sarandon.

Purple is set to start shooting this fall.

Set in New Orleans, Deep Blue Sea follows Henry (Dean Morgan), a grieving widower who recently lost his wife (Biel) in a tragic car accident, as he finds refuge by helping a wisecracking young girl (Moritz) fulfill her dream of building a raft and sailing across the Atlantic Ocean.

"This project is a perfect fit for AngelWorld with its gripping script, stellar cast and talented production team," Angel said.

Biel is represented by CAA, while Moritz and Timberlake are represented by WME. CAA, which represents Pickering, set up financing for the film and will represent North American distirbution rights.