Stock Monitor: Seattle Genetics Post Earnings Reporting
LONDON, UK / ACCESSWIRE / February 12, 2018 / Active-Investors.com has just released a free research report on Pieris Pharmaceuticals, Inc. (NASDAQ: PIRS) ("Pieris"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=SGEN as the Company's latest news hit the wire. On February 9, 2018, Pieris announced that it has signed a collaboration and license agreement with Seattle Genetics, Inc. (NASDAQ: SGEN) to develop multiple targeted bispecific immuno-oncology treatments for solid tumors and blood cancers. Register today and get access to over 1,000 Free Research Reports by joining our site below:
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Pieris Pharma and Seattle Genetics most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Terms of the Deal
As per the agreement terms, Seattle Genetics has agreed to pay Pieris a $30 million upfront fee, up to $1.2 billion in total success-based payments across three product candidates, plus tiered royalties on net sales up to low double-digits. The companies will pursue multiple Antibody-Anticalin fusion proteins during the research phase, and Seattle Genetics has the option to select up to three therapeutic programs for further development. Before the start of a pivotal trial, Pieris may opt into global co-development and US commercialization of the second program and share in global costs and profits on a 50/50 basis. Seattle Genetics will solely develop, fund, and commercialize the other two programs.
Companies to Evaluate Novel Bispecific Immuno-Oncology Agents that Combine Pieris' Anticalin Technology with Seattle Genetics' Cancer-Targeted Antibodies
Both companies will leverage their expertise and core technologies to develop novel Antibody-Anticalin fusion proteins. Pieris' proprietary suite of agonistic costimulatory Anticalin proteins, when fused to a tumor-targeting antibody, can activate the immune system preferentially in the tumor microenvironment. Seattle Genetics, through its industry-leading work in the field of antibody-drug conjugates (ADCs), has a substantial portfolio of cancer targets and tumor-specific monoclonal antibodies from which programs will be selected for the collaboration. The bispecific drug candidates in this alliance will be designed to enable the patient's immune cells to specifically attack tumors.
Collaboration Combines the Excellent Protein Engineering and Translational Capabilities of Both Companies
Stephen S. Yoder, President and CEO of Pieris, stated that the Company was the first to bring a tumor-targeted costimulatory bispecific to patients with PRS-343, and it is looking forward to broadening its bispecific pipeline through this alliance. Stephen added that the collaboration combines the excellent protein engineering and translational capabilities of both companies, utilizing Seattle Genetics' tumor-targeted monoclonal antibodies and Pieris' Anticalin proteins to create novel bispecifics.
Pieris' Transformative Deals Signed in 2017
- In January 2017, Pieris and Servier, an independent international pharmaceutical company, formed a broad collaboration in immuno-oncology. Under the collaboration, Pieris and Servier initially pursued five bispecific therapeutic programs, led by Pieris' PRS-332 program. Pieris and Servier would jointly develop PRS-332 and split commercial rights geographically, with Pieris retaining all commercial rights in the United States and Servier having commercial rights in the rest of the world. The collaboration might be expanded by up to three additional therapeutic programs.
- In May 2017, Pieris inked a strategic collaboration in respiratory diseases with AstraZeneca to develop novel inhaled drugs that leverage Pieris' Anticalin® platform, including its lead preclinical drug candidate, PRS-060. Under the collaboration, Pieris would be responsible for advancing its preclinical lead candidate, PRS-060, into Phase-1 clinical trials in 2017. AstraZeneca would funding all clinical development and subsequent commercialization programs and Pieris would have the option of co-development and co-commercialization in the US from Phase-2a onwards.
About Anticalin® Therapeutics
Anticalin® proteins are derived from lipocalins, small human proteins that naturally bind, store and transport a wide spectrum of molecules. Anticalin proteins feature the typical four-loop variable region and a rigidly conserved beta-barrel backbone of lipocalins, which, together, form a shapeable cup-like binding pocket. Proprietary to Pieris, Anticalin® proteins are a novel class of protein therapeutics validated in the clinic and by partnerships with leading pharmaceutical companies. Anticalin® is a registered trademark of Pieris.
About Pieris Pharmaceuticals, Inc.
Headquartered in Boston, Massachusetts, Pieris is a clinical-stage biotechnology company committing to providing novel solutions for oncology, respiratory disease and other therapeutic areas by applying its proprietary Anticalin® technology to create differentiated drugs.
About Seattle Genetics, Inc.
Founded in 1998, Seattle Genetics is the largest global oncology biotechnology company dedicated to improving patient outcomes through advanced antibody-drug conjugate technology designed to deliver cell-killing agents directly to tumor cells. The Company is headquartered in Bothell, Washington.
Stock Performance Snapshot
February 09, 2018 - At Friday's closing bell, Pieris' stock surged 20.14%, ending the trading session at $8.59.
Volume traded for the day: 2.01 million shares, which was above the 3-month average volume of 570.59 thousand shares.
Stock performance in the last month – up 16.24%; previous three-month period – up 79.71%; past twelve-month period – up 315.00%; and year-to-date - up 13.77%
After last Friday's close, Pieris' market cap was at $320.32 million.
The stock is part of the Healthcare sector, categorized under the Biotechnology industry. This sector was up 1.1% at the end of the session.
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