Pre-market explanation of increase of more than 30%
- Pieris Pharmaceuticals, Inc. (NASDAQ: PIRS) stock price increased more than 30% before market launch. That’s why it happened.
The share price of Pieris Pharmaceuticals, Inc. (NASDAQ: PIRS) – a clinical-stage biotechnology company advancing new biotherapies through its proprietary technology platform Anticalin for respiratory diseases, cancer and other indications – increased by more than 30% before market launch. Investors are responding positively to the company’s announcement that it has entered into a multi-program research collaboration and licensing agreement with Genentech, a member of the Roche group, to discover, develop and commercialize locally delivered respiratory and ophthalmic therapies that take advantage of Pieris’ proprietary Anticalin technology.
This research collaboration will allow Pieris to combine its discovery engine with Genentech’s targets as well as its expertise in preclinical and clinical development to create new therapies for the treatment of respiratory and ophthalmological diseases. And these two priority areas of the collaboration are particularly suited to the benefits offered by the small size of Anticalin proteins when delivered locally.
Under the terms of the agreement, Pieris will receive $ 20 million as an upfront payment and may be eligible to receive more than $ 1.4 billion in additional milestone payments on multiple programs, as well as tiered royalties for them. programs marketed. And Pieris will be responsible for discovery research and early preclinical development of the programs.
Genentech will be responsible for IND enabling activities, clinical development and commercialization of these programs. And Genentech will also have the ability to select additional targets in exchange for an option exercise fee. The collaboration does not include any of Pieris’ internal programs.
“We look forward to working closely with Genentech on the development of new inhaled and ophthalmic treatments based on the Anticalin platform. This collaboration further expands our partnering efforts in the area of respiratory disease and opens a new avenue for our Anticalin technology to potentially deliver benefits to patients through local biological effects. This is our second respiratory alliance with a major biopharmaceutical company, and we remain deeply committed to inhaled biologics, which have already shown clinical benefits. We also look forward to pursuing another local application of our technology in ophthalmology, where Genentech has extensive capabilities.
– Stephen S. Yoder, President and CEO of Pieris
“Genentech has a long-standing commitment to understanding the underlying biology of respiratory and eye disease and translating this expertise into treatments for patients. We are excited to partner with Pieris Pharmaceuticals to advance potential new therapies that we hope could make a significant difference in the lives of those who need them.
– James Sabry, MD, Ph.D., Global Head of Pharmaceutical Partnerships, Roche
Disclaimer: This content is intended for informational purposes. Before you make an investment, you need to do your own analysis.