PIRS stock is the biggest gainer in the pre-market session after Pieris Pharmaceuticals Inc (NASDAQ:PIRS) Announced respiratory and ophthalmology collaboration with genentech.
The company said that it has reached into a multi-program research collaboration and license agreement with Genentech, a member of the Roche Group, to discover, develop and commercialize locally delivered respiratory and ophthalmology therapies that leverage Pieris’ proprietary Anticalin® technology.
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.
The collaboration includes initial programs in respiratory disease and ophthalmology, with the opportunity to nominate additional programs.
There is no doubt this a positive news and investors are reacting accordingly. PIRS stock is up by 25.40% to $2.32. The stock has lost 355 so far this year.
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