AstraZeneca acquires VC-backed Pearl Therapeutics for $1.15bn


dollar 20_sqVenture capital-backed pharmaceutical company Pearl Therapeutics has been acquired by sector major AstraZeneca for $1.15bn.

Redwood City, California-headquartered Pearl, which is backed by 5AM Ventures, Clarus Ventures, New Leaf Ventures and Vatera Healthcare Partners, specialises in inhaled therapeutics for respiratory disease.

The company’s main candidate is PT003 an inhaled, fixed-dose combination bronchodilator product comprised of a long-acting muscarinic antagonist and a long-acting beta-2 agonist, delivered via a metered dose inhaler. PT003 is currently undergoing Phase III clinical trials.

The group will pay an initial consideration of $560m that could potentially be followed by a further $450m if certain milestones are met and $140m in sales related payments.

In November last year Pearl raised $65m in Series D funding from 5AM, Clarus and New Leaf following its $69m Series C round in 2010.

Last year 5AM Ventures also co-led a $23m Series A round for antiviral drug discovery company Novira Therapeutics.

Copyright © 2013 AltAssets