Pieris Pharma leaps on news of restructuring
Boston, USA-based clinical-stage biotech Pieris Pharmaceuticals (Nasdaq: PIRS) saw its shares surge as much as 70%, and still up 27% at $0.24 mid-morning, after it provided a strategic update following recent events that have impacted its inhaled respiratory franchise.
This includes AstraZeneca's (LSE: AZN) recent decision to discontinue enrollment of the Phase a study for elarekibep. AstraZeneca has now informed the company of its decision to terminate their 2017 R&D collaboration agreement and hand back elarekibep along with discontinuing the remaining discovery program.
Pieris' management and board of directors have assessed several strategic options, which will include focusing on execution of new or expanded partnerships to advance its therapeutic programs, including cinrebafusp alfa (PRS-343), PRS-220 and PRS-400.
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