Pieris Pharma teams up Servier in immuno-oncology; shares up 31%

|About: Pieris Pharmaceuticals... (PIRS)|By:, SA News Editor

Thinly traded nano cap Pieris Pharmaceuticals (PIRS +30.6%) heads north on a healthy 14x surge in volume in response to its announcement of a co-development alliance with Servier in immuno-oncology. Specifically, the companies will jointly pursue several bispecific therapeutic programs including Pieris' dual checkpoint inhibitor PRS-332 as well as four additional programs (may be expanded to eight). Pieris has the option to co-develop and retain U.S. rights for four programs.

Under the terms of the agreement, Pieris will receive €30M upfront, up to €324M in milestones related to PRS-332, up to €193M in milestones related to each of the other programs and up to double-digit royalties.