BRIEF—ASKA Pharma not to take up option on Pieris' PRS-080

Japan’s ASKA Pharmaceutical last week notified US biotech firm Pieris Pharmaceuticals that it does not intend to exercise its option to obtain an exclusive license to develop and commercialize the latter’s PRS-080 drug candidate targeting hepcidin in Japan and certain other Asian markets territories.

This ends the February 27, 2017, exclusive option agreement by and among ASKA, Pieris and the company's wholly-owned German subsidiary, Pieris Pharmaceuticals GmbH.

News of the termination saw Pieris’ shares fall 6.38% to $3.23 on Friday.

ASKA's decision was based on a strategic portfolio review as well as certain commercial considerations.

In view of the company's strategic focus in immuno-oncology and respiratory diseases, including the continued development of PRS-343, PRS-344 and PRS-060, Pieris does not intend to continue the development of PRS-080.