LONDON - The European drug maker AstraZeneca agreed on Monday to buy the American respiratory drug manufacturer Pearl Therapeutics for up to $1.15 billion
Under the terms of the deal, AstraZeneca will pay an initial $560 million for Pearl Therapeutics, based in Redwood City, Calif., whose products help to alleviate a number of respiratory diseases, including asthma.
AstraZeneca will pay an additional $590 million if Pearl hits certain regulatory and sales targets, according to a statement from AstraZeneca.
The latest acquisition is part of efforts by AstraZeneca, the British-based drug giant, to restock its drug pipeline through acquisitions after its established products have come under threat from makers of generic drugs.
Last month, AstraZeneca also bought the drug maker Omthera for as much as $443 million to strengthen its cardiovascular business.
Shares in AstraZeneca rose less than 1 percent in morning trading in London on Monday.
The deal for Pearl Therapeutics is expected to close in the third quarter of 2013.
