Pieris Pharmaceuticals Shares Rise 51% After Licensing Deal With Genentech
May 25 2021 - 1:36PM
Dow Jones News
By Chris Wack
Pieris Pharmaceuticals Inc. shares were up 51% to $2.79 Tuesday
after the company said it entered into a multi-program research
collaboration and license agreement with Genentech, a member of
Roche Group, to discover, develop and commercialize locally
delivered respiratory and ophthalmology therapies that use Pieris'
proprietary Anticalin technology.
Volume for the stock was 184 million shares at 1:10 p.m. ET,
compared with a 65-day average volume of 579,000 shares. The stock
hit a 52-week low of $1.70 on May 5, and has 63.3 million shares
outstanding.
The research collaboration will allow Pieris to combine its
robust discovery engine with Genentech's targets, as well as its
preclinical and clinical development expertise, to create novel
therapies for the treatment of respiratory and ophthalmological
diseases.
Under the terms of the agreement, Pieris will receive $20
million as an upfront payment and may be eligible to receive more
than $1.4 billion in additional milestone payments across multiple
programs, as well as tiered royalties for commercialized
programs.
Pieris will be responsible for discovery research and early
preclinical development of the programs, and Genentech will be
responsible for IND-enabling activities, clinical development, and
commercialization of those programs. Genentech will also have the
option to select additional targets in return for an option
exercise fee.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
May 25, 2021 13:28 ET (17:28 GMT)
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