London, UK (PRWEB) June 12, 2013
International law firm Greenberg Traurig Maher LLP (GTM) is advising AstraZeneca on its US$1.15bn (£740m) acquisition of Pearl Therapeutics, a privately held US company developing inhaled combination therapies for the treatment of respiratory diseases.
AstraZeneca - the UK's second-largest drug company - will acquire 100% of Pearl's shares for US$560m cash, with further funds of $450m payable if specified development and regulatory milestones in respect of any triple combination therapies and selected future products that AstraZeneca develops using Pearl’s technology platform are achieved. Sales related payments of up to a further $140 million are payable if pre-agreed cumulative sales thresholds are exceeded resulting in a total potential acquisition cost of up to $1.15 billion. The proposed transaction is subject to customary regulatory approvals and is expected to close in the third quarter of 2013.
AstraZeneca announced it had entered into a definitive agreement to acquire Pearl on Monday, 10 June 2013, and said the acquisition will give the company access to a potential new treatment for chronic obstructive pulmonary disease (COPD), thereby strengthening its respiratory portfolio.
“We are pleased to assist AstraZeneca in this important transaction that will aid in the fight against COPD – a debilitating disease that affects over 210 million people worldwide,” said Paul Maher, Chairman of Greenberg Traurig Maher LLP. “Our highly experienced, multidisciplinary teams in the US and UK worked diligently to provide the level of service and coverage necessary to achieve a successful outcome in a transaction of this nature.” The GTM team, which worked closely with AstraZeneca in-house lawyer Adam McArthur, was led by Maher with support in London from shareholder Gary Cooper (Corporate & Securities); and associates Andrew Bell (Corporate & Securities), Chantal Phillips (Corporate & Securities), and Luke Dixon (Intellectual Property) and with support in New York from shareholder Michael Helsel (Corporate & Securities) and associates Aaron Diamond (Corporate & Securities) and Aileen Kim (Corporate & Securities).
About Greenberg Traurig Maher LLP
Greenberg Traurig Maher LLP has established itself in London as a multidisciplinary law firm, with over 40 lawyers and growing. The London office provides partner-led advice to domestic and international clients on a range of matters across the legal spectrum. Lawyers at Greenberg Traurig Maher advise UK and multinational clients operating in many different sectors, including chemicals, pharmaceuticals, life sciences, energy, real estate, financial services, automotive, retail and communications. For additional information, please visit http://www.gtmlaw.com.