Pieris Pharma gets milestone payment under Sanofi collaboration

Clinical-stage biotech company Pieris Pharmaceuticals (Nasdaq: PIRS) says it has achieved the third payment-based milestone in its R&D collaboration with French drug major Sanofi (Euronext: SAN), triggering a payment of an undisclosed amount to Pieris, which has its headquarters in the USA and with a significant base in Germany.

The milestone stems from Sanofi's decision to continue advancing the tetraspecific Anticalin-based program for infectious disease. The drug candidate selectively binds four classes of siderophores produced by Pseudomonas aeruginosa, altogether comprising 10 distinct targets. With the demonstrated ability to bind to each target in an iron-bound and -unbound state, the multispecific protein engages 20 targets.

"We're pleased with the continued progression of this highly differentiated therapeutic protein, which is being pursued to treat infectious diseases that are not adequately addressed with current therapies," commented Pieris president and chief executive Stephen Yoder, adding: "As our partnered programs continue to advance, resulting milestone income should play a growing role in the source of capital to advance our proprietary pipeline."