The acquisition will give AstraZeneca access to a potential new treatment for chronic obstructive pulmonary disease (COPD), currently in late-stage development, and inhaler and formulation technology that provides a platform for future combination products.
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). LABA/LAMA combinations are expected to become a new class of treatment for COPD. A global phase III trial has been initiated and will test the improvement in lung function in individuals with moderate to severe COPD in response to PT003.
PT003 is delivered by inhalation via a pressurized metered dose inhaler (pMDI) using Pearl's novel co-suspension formulation technology. This technology platform will allow AstraZeneca to explore combinations of existing and novel technologies, including a triple fixed-dose combination (LABA/LAMA and inhaled corticosteroid) which could be accelerated into phase II clinical development.
AstraZeneca will acquire 100% of Pearl's shares for initial consideration of $560 million payable on completion. Up to $450 million becomes payable if specified development and regulatory milestones of any triple combination therapies and future products developed using Pearl's technology platform are achieved.