Palvella and Pieris to merge
US companies Palvella Therapeutics and Pieris Pharmaceuticals (Nasdaq: PIRS) have agreed to merge in an all-stock transaction.
Shares in Pieris were more than 70% higher during Wednesday’s early trading, following the announcement of the news.
The combined company will focus on developing and commercializing Palvella's lead candidate, Qtorin 3.9% rapamycin anhydrous gel (Qtorin rapamycin), to treat microcystic lymphatic malformations (microcystic LMs), cutaneous venous malformations, and other serious, functionally- debilitating skin diseases driven by the overactivation of the mammalian target of rapamycin (mTOR) pathway.
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