Member Article

AstraZeneca buy Californian respiratory specialists for $540m

Drug maker AstraZeneca has confirmed it will acquire Californian firm, Pearl Therapeutics, in a deal worth $540m.

Pearl are specialists in therapies for respiratory diseases, and the move will give AstraZeneca access to technology for treatment of obstructive pulmonary disease.

The deal is expected to be complete in the third quarter of 2013, and will include a further deferred consideration of $450m, payable if AstraZeneca develops selected products using Pearl’s technology.

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.

“Combined with our on-market portfolio, including Symbicort, and our strong pipeline, the agreement will enable us to offer further distinctive treatment options across the full spectrum of COPD and asthma to patients, physicians and payers.”

Kevin Ferro, chairman of the board of Pearl Therapeutics and CEO of Vatera Healthcare Partners, Pearl’s lead investor, added: “We have been impressed with AstraZeneca’s expertise, focus and speed of execution and are delighted to be joining the group, a global leader in respiratory disease, as we believe that Pearl will be an excellent fit for its respiratory portfolio.

“We believe AstraZeneca will provide significant value in supporting the further development and registration of our lead product, PT003, and in leveraging our technology platform to realise future products including a triple agent therapy for respiratory disease. I would like to thank Pearl’s partners, management team and everyone on the Pearl team for the extraordinary contributions that they have made to progress the company to this stage. We are looking forward to working with AstraZeneca to realise the full potential of the Pearl portfolio and to offer a range of therapies to dramatically improve patients’ lives.”

This was posted in Bdaily's Members' News section by Tom Keighley .