Pieris to pocket potential $1.4 billion from Roche deal

Shares in US biotech Pieris Pharmaceuticals (Nasdaq: PIRS) rocketed by nearly 50% in three hours of trading on Tuesday on news of a multi-program research collaboration and license agreement with the Roche (ROG: SIX) subsidiary Genentech.

The deal will see the companies link up to discover, develop and commercialize locally delivered respiratory and ophthalmology therapies that leverage Pieris' proprietary Anticalin technology.

"We look forward to working closely with Genentech on the development of new inhaled and ophthalmological treatments based on the Anticalin platform"Their research collaboration will enable Pieris to combine its robust discovery engine with Genentech's targets, as well as its pre-clinical and clinical development expertise, to create therapies for the treatment of respiratory and ophthalmological diseases. These two focus areas of the collaboration are uniquely suited to the advantages offered by the small size of Anticalin proteins when delivered locally.