AstraZeneca completes Pearl Therapeutics takeover

AstraZeneca has announced the completion of its previously-announced takeover of the respiratory disease specialist Pearl Therapeutics.

The agreement – which has been valued at $1.15 billion (754.31 million pounds) and was confirmed earlier this month – has seen AstraZeneca acquiring 100 percent of the shares of Pearl, a privately-held firm based in California.

Focused on the development of inhaled small-molecule therapeutics for respiratory conditions, Pearl has been working on a potential new treatment for chronic obstructive pulmonary disease (COPD) that is currently in late-stage clinical development.

AstraZeneca will now gain control of this product, in addition to inhaler and formulation technology that will provide a platform for future combination products.

Commenting on the deal earlier this month, Pascal Soriot, chief executive officer of AstraZeneca, said: "The agreement will enable us to offer further distinctive treatment options across the full spectrum of COPD and asthma to patients, physicians and payers."