Pieris - AstraZeneca Collaboration Receives U.S. Approval

(RTTNews) - Pieris Pharmaceuticals Inc. (PIRS) said that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, has expired with respect to its collaboration with AstraZeneca to develop and commercialize Anticalin proteins for the treatment of respiratory diseases.

The collaboration includes PRS-060, Pieris' Anticalin protein targeting IL-4 receptor alpha as well as four additional therapeutic programs against undisclosed targets. AstraZeneca will make upfront and near-term milestone payments to Pieris in the amount of $57.5 million.

Pieris said it retains options to co-develop and co-commercialize PRS-060 and two of the four additional therapeutic programs in the United States. Pieris is eligible to receive development and sales milestone payments not exceeding $2.1 billion. For co-developed programs, Pieris is also eligible to receive increased royalties or a gross margin share of profits, depending on the level of Pieris' co-development investment.