Pieris Pharmaceuticals, Seattle Genetics enter collaboration, license agreement
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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