AstraZeneca has announced today that it will acquire 100% of the shares of inhaled drug developer Pearl Therapeutics for $560 million, plus up to $450 million in milestone payments and an additional $140 million if sales goals are met. Pearl announced the initiation of a Phase 3 program for its PT003 formoterol fumarate/glycopyrrolate MDI for the treatment of COPD in May 2013.
AstraZeneca CEO Pascal Soriot commented, “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.”
Pearl Chairman of the Board Kevin Ferro said, “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 realize 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 realize the full potential of the Pearl portfolio and to offer a range of therapies to dramatically improve patients’ lives.”
Read the AstraZeneca press release.
