AstraZeneca agrees takeover of Pearl Therapeutics

AstraZeneca has agreed a deal worth up to $1.15 billion (741.16 million pounds) to acquire the California-based healthcare company Pearl Therapeutics.

To be completed in the third quarter of 2013, the transaction will give AstraZeneca access to a potential new treatment for chronic obstructive pulmonary disease (COPD) that is currently in late-stage development, plus several inhaler and formulation technology offerings.

Pearl specialises in the development of inhaled small-molecule therapeutics for respiratory disease, with its lead product PT003 representing the first of a potentially important new class of treatment for COPD.

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."

Last month, the firm agreed a $443 million deal to purchase Omthera Pharmaceuticals, a developer of new therapies for dyslipidaemia and the creator of the innovative drug Epanova, which has performed strongly in phase III clinical trials.