VC-backed Pearl Therapeutics has signed a definitive agreement to be acquired by AstraZeneca (NYSE: AZN). AstraZeneca will acquire 100% of Pearl’s shares for initial consideration of $560 million payable on completion, with an additional deferred consideration of up to $450 million based on development and regulatory milestones. The total acquisition cost could reach $1.15 billion. Pearl Therapeutics has developed therapies for highly prevalent respiratory diseases like chronic obstructive pulmonary disease and asthma. The company has taken in several rounds of venture funding, including a $65 million Series D round last November from 5AM Ventures, Clarus Ventures, New Leaf Venture Partners and lead investor Vatera Healthcare Partners.