AstraZeneca To Buy Calif. Firm For $1.15B
Global pharmaceutical giant AstraZeneca, which has a manufacturing facility in Westborough, said it has agreed to buy Pearl Therapeutics, a privately held company in Redwood City, Calif., that focuses on the development of inhaled, small-molecule drugs for chronic obstructive pulmonary disease, or COPD.
The deal is worth about $1.15 billion and is expected to close by the end of September, subject to regulatory approvals, according to a statement from AstraZeneca.
The acquisition will give AstraZeneca access to a potentially new treatment for COPD, as well as to inhaler and formulation technology that provides a platform for future combination products, the company said. The drug is in late-stage development, according to the statement.
AstraZeneca said the deal does not impact its financial guidance for this year.
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