Pieris Pharmaceuticals (NASDAQ:PIRS) stock is rising higher on Wednesday after announcing a collaboration agreement with Genentech.
This will have it working together with Genentech in a multi-program research collaboration and license agreement. The goal of this is to “discover, develop and commercialize locally delivered respiratory and ophthalmology therapies” that make use of PIRS’ Anticalin platform.
With this collaboration, Pieris Pharmaceuticals and Genentech are hoping to create novel therapies to treat respiratory and ophthalmological diseases. PIRS will be able to make use of Genetech’s preclinical and clinical development skillset in this effort.
It’s also worth pointing out that Pieris Pharmaceuticals is receiving an upfront payment of $20 million from this agreement. It could also receive more than $1.4 billion in additional payments from milestones, as well as tiered royalties for commercialized programs.
Stephen Yoder, president and CEO of Pieris Pharma said this about the collaboration news boosting PIRS stock up today.
“This is our second respiratory alliance with a major biopharma company, and we remain deeply committed to inhaled biologics, which have already shown benefit in the clinic. We also look forward to pursuing another local application of our technology in ophthalmology, where Genentech has extensive capabilities.”
PIRS stock is seeing heavy trading on today’s news. That has some 65 million shares of the stock changing hands as of this writing. That’s a massive increase over its daily average trading volume of roughly 6 million shares.
PIRS stock was up 8.2% as of Wednesday morning.
We’ve got more hot stock market news for Wednesday below.
That includes several meme stocks rallying today, detail for the ZipRecruiter IPO, as well as why shares of Asensus Surgical (NYSEMKT:ASXC) are on the rise. Learn all about that at the following links.
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- ASXC Stock: Why Popular Play Asensus Surgical Is Climbing Today
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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