Pieris in immuno-oncology deal worth a potential $1.2 billion
Continuing on its upward and fast-paced trajectory, Pieris Pharmaceuticals (Nasdaq: PIRS), today has entered into a collaboration and license agreement with Seattle Genetics (Nasdaq: SGEN) with the goal of developing multiple targeted bispecific immuno-oncology treatments for solid tumors and blood cancers.
Under the terms of the accord, Seattle Genetics will pay Pieris a $30 million upfront fee, tiered royalties on net sales up to low double-digits, and up to $1.2 billion in total success-based payments across three product candidates.
News of the deal saw Pieris’ shares jump 11.84% to $8.00 by around midday.
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