Pearl was founded in 2006, with a mission to develop differentiated therapeutics for widely prevalent respiratory disease conditions using a proprietary metered dose inhaler formulation platform. Pearl started its product development work in 2007, with initial funding from 5AM Ventures, Clarus Ventures and New Leaf Ventures. In 2010, Vatera Healthcare Partners joined the first three investors. Together, the four investors backed Pearl with $167.5 million between 2007 and 2013, allowing the company to progress PT003, a dual bronchodilator combination, and its components, PT001 and PT005, to Phase III start in under five years from first clinical trial. AstraZeneca acquired Pearl in 2013 to expand its respiratory products portfolio.