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Originally published Monday, June 10, 2013 at 4:50 AM

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AstraZeneca in $560 m deal for respiratory firm

British drugmaker AstraZeneca PLC says it is to acquire Pearl Therapeutics Inc., a Redwood-City, California-based company involved in therapies for asthma and chronic obstructive pulmonary disease for at least $560 million.

The Associated Press

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LONDON —

British drugmaker AstraZeneca PLC says it is to acquire Pearl Therapeutics Inc., a Redwood-City, California-based company involved in therapies for asthma and chronic obstructive pulmonary disease for at least $560 million.

The deal - which could involve further payments of up to $590 million if sales and drug development targets are met - gives AstraZeneca access to new treatments for respiratory diseases.

Savvas Neophytou, an analyst with Panmure Gordon & Co, said Monday the acquisition could give AstraZeneca access to "the holy grail" of respiratory medicine - triple agent therapy for respiratory disease.

Pearl's lead product is PT003 and is used in treating chronic obstructive pulmonary disease - a progressive disease associated mainly with tobacco smoking, air pollution or occupational exposure. It can cause debilitating bouts of breathlessness.

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