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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