AstraZeneca has completed the acquisition of Pearl Therapeutics, a privately held company focused on the development of inhaled small-molecule therapeutics for respiratory disease.

The company has acquired 100% of shares in the California-based firm for up to $1.15bn with an initial consideration of $560m payable on completion.

AstraZeneca will now have access to a potential new treatment for chronic obstructive pulmonary disease (COPD), which is currently in late-stage development.

Pearl Therapeutics chief executive officer Chuck Bramlage said that Pearl’s research and clinical development teams had successfully completed ten clinical trials for the company’s lead programme.

"We look forward to combining our skills and the global regulatory and commercial expertise at AstraZeneca to move PT003 and our other candidates towards market where they can reach millions of patients suffering from COPD," Bramlage said.

PT003 is an inhaled, fixed-dose combination bronchodilator product comprised of a long-acting muscarinic antagonist (LAMA) and a long-acting beta-2 agonist (LABA) delivered via a metered dose inhaler (HFA MDI).

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Also in development is PT010, a triple-combination product that combines the LAMA and LABA components of PT003 with an inhaled corticosteroid (ICS) for twice-daily administration from an HFA MDI for the treatment of severe COPD.

The deal also includes inhaler and formulation technology that provides a platform for future combination products.

Founded in 2006, Pearl Therapeutics was backed by 5AM Ventures, Clarus Ventures, New Leaf Ventures and Vatera Healthcare Partners.