Pharmaceutical company AstraZeneca has announced that it will acquire California-based Pearl Therapeutics (release). At a price-tag of $560m on completion, AstraZeneca will receive 100 per cent of shares, with an additional deferred payment of $450m if various targets for therapies being developed are met. On top of this, AstraZeneca will pay out $140m if cumulative sales thresholds resulting from the deal exceed $1.15bn.
Pearl Therapeutics is a specialist in the development of inhaled combination therapies for the treatment of highly prevalent respiratory diseases. These include chronic obstructive pulmonary disease (COPD) and asthma. Pearl's lead product, PT003, is intended to become a treatment a for COPD.
Pascal Soriot, CEO of AstraZeneca, said:
Chronic obstructive pulmonary disease continues to increase worldwide and there is a growing need for the next generation of inhaled combination products. Pearl's novel formulation technology, together with its development products and specialist expertise are a great complement to AstraZeneca's long-established capabilities in respiratory disease, one of our core therapy areas.