AZ To Acquire Pearl Therapeutics

AstraZeneca has entered into a definitive merger agreement to acquire Pearl Therapeutics for $560 million upfront and as much as $450 million if certain development and regulatory milestones are achieved for any triple combination therapies developed using Pearl’s technology platform. In addition, sales-related milestone payments could total $140 million. The acquisition adds Pearl’s pipeline of inhaled bronchodilator products for the treatment of COPD. The transaction is expected to close 3Q13. Pearl’s lead product, PT003, is a fixed dose combination of formoterol fumarate, a long-acting beta-2-agonist (LABA) and glycopyrrolate, a long-acting muscarinic antagonist (LAMA), in Phase III development for moderate to severe COPD. “Pearl has extraordinary research and clinical development teams that have successfully completed 10 clinical trials for our lead program,” said Chuck Bramlage, chief executive officer for Pearl Therapeutics. “We look forward to combining our skills and the global regulatory and commercial expertise at AstraZeneca to move PT003 and our other candidates towards market where they can reach millions of patients suffering from COPD.” Pascal Soriot, chief executive officer of AstraZeneca, said, “COPD 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.”