The completion of the transaction involved AstraZeneca to acquire 100% of Pearl’s shares and provides access to PT003, a probable new treatment for chronic obstructive pulmonary disease (COPD), and inhaler and formulation technology that provides a platform for future combination products.
PT003 COPD therapy that is presently in late-stage development is a fixed dose combination of formoterol fumarate, a long-acting beta-2-agonist (LABA) and glycopyrrolate, a long-acting muscarinic antagonist (LAMA).
The inhaler and formulation technology is expected to provide a platform for future combination products, including a triple fixed dose combination (LABA/LAMA and inhaled corticosteroid) which could be accelerated into Phase II clinical development.
Earlier a definitive agreement was signed by AstraZeneca to buy Pearl Therapeutics, a company focused on developing inhaled combination therapies for the treatment of respiratory diseases, such as chronic obstructive pulmonary disease and asthma, for up to $1.15bn with an initial consideration of $560m payable on completion.
Sagent Advisors served as financial advisor to Pearl Therapeutics.