AstraZeneca Agrees to Buy Pearl Therapeutics
AstraZeneca said in a statement today that it has agreed to buy U. S. firm Pearl Therapeutics for up to $1.15 billion. Anglo-Swedish pharmaceuticals group AstraZeneca has entered an agreement to take over Pearl Therapeutics, which is a privately held company based in Redwood City, California.
AstraZeneca said to be focused on the development of inhaled small-molecule therapeutics for respiratory disease.
"The acquisition will give AstraZeneca access to a potential new treatment for chronic obstructive pulmonary disease (COPD), currently in late-stage development, and inhaler and formulation technology that provides a platform for future combination products", it said in a statement.
AstraZeneca Chief Executive Pascal Soriot said that the rates of chronic pulmonary disease is increasing worldwide, thereby increasing the demand for more inhaled combination products.
London-listed AstraZeneca will pay $560 million initially upon completion and the price can increase up to $1.15 billion. But, the rise will depend on the sales, passing developments and regulatory milestones.
It is expected that the acquisition will be completed in the third quarter of this year. This acquisition will position AstraZeneca in the emerging market for a new class of lung treatments known as LABA/LAMA drugs. These drugs will improve patient compliance and disease control without using asteroids.
Intensifying the race to develop the so-called ‘robotaxis,’ Fiat Chrysler (FCA) has decided to join a BMW-led alliance to develop self-driving or autonomous vehicles.
Electric car maker Tesla Motors is enjoying a rapid expansion in its used car business, prompting analysts to predict that the company is on the track to triple its used inventory sales.
Technology major Microsoft Corporation has rebuffed Consumer Reports findings on its popular Surface range of tablets and laptops.
Tesla Motors has received tremendous response for its electric vehicles despite their high price tag.
As automobile giants and customers are turning their attention from conventional cars to electric cars, the lack of charging stations continues to discourage many.
While Tesla is yet to officially unveil its next-generation electric semi truck, a report in Reuters added a new turn to the already swirling rumors by claiming that the next-generation truck will have self-driving capabilities.