AstraZeneca Inks Back-Loaded $1.15B Deal For US Drugmaker

Law360, New York (June 10, 2013, 12:56 PM EDT) -- AstraZeneca PLC on Monday announced a $1.15 billion deal for venture-backed respiratory-drug maker Pearl Therapeutics as it continues to use acquisitions to replenish expiring patents and a disappointing research pipeline.

The transaction — one of the biggest in recent memory for an unproven drug pipeline — makes heavy use of the deferred payment structure common in the space.  AstraZeneca will pay $560 million in cash up front, and up to $590 million more if Pearl's drugs hit certain development, regulatory and sales milestones.

California-based Pearl focuses...
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