Abstract
In a bid to stay competitive in treating respiratory diseases, AstraZeneca is paying up to $1.15 billion for the privately held biotech firm Pearl Therapeutics. The acquisition is the latest in the British drug company’s piecemeal rebuilding of a new-product pipeline that has fallen apart in recent years. AstraZeneca brought in Pascal Soriot as CEO last October to find new products that could offset patent losses on top-selling drugs such as the antipsychotic medicine Seroquel. In March, Soriot unveiled a strategy that couples R&D consolidation and layoffs with small acquisitions and licensing deals. Since then, the company has announced three acquisitions and a string of partnerships. The pacts cover multiple modalities but are focused on three areas: oncology, respiratory disease, and cardiovascular and metabolic diseases. The Pearl acquisition is crafted both to add a late-stage drug and to maintain AstraZeneca’s stronghold in the respiratory arena. Pearl’s most advanced drug candidate ...
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