Pieris Pharmaceuticals higher on collaboration with Seattle Genetics

Pieris Pharmaceuticals, Seattle Genetics enter collaboration, license agreement

Pieris Pharmaceuticals higher on collaboration with Seattle Genetics
Pieris Pharmaceuticals higher on collaboration with Seattle Genetics

Pieris Pharmaceuticals (PIRS) and Seattle Genetics (SGEN) announced they have entered into a collaboration and license agreement with the goal of developing multiple targeted bispecific immuno-oncology treatments for solid tumors and blood cancers.

The collaboration leverages the expertise and core technologies of both companies to develop novel Antibody-Anticalin fusion proteins.

Under the terms of the agreement, Seattle Genetics will pay Pieris a $30M upfront fee, tiered royalties on net sales up to low double-digits, and up to $1.2B in total success-based payments across three product candidates.

The companies will pursue multiple Antibody-Anticalin fusion proteins during the research phase, and Seattle Genetics has the option to select up to three therapeutic programs for further development.

Prior to the initiation of a pivotal trial, Pieris may opt into global co-development and US commercialization of the second program and share in global costs and profits on a 50/50 basis.

Seattle Genetics will solely develop, fund and commercialize the other two programs.

PIRS closed at $7.14. It last traded at $8.32.


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