Seattle Genetics, Pieris in immuno-oncology deal
Antibody-drug conjugate company Seattle Genetics Inc. (NASDAQ:SGEN) and Pieris Pharmaceuticals Inc. (NASDAQ:PIRS) partnered to develop bispecific candidates to treat solid tumors and blood cancers. The partners will develop candidates using Pieris' Anticalin platform, which includes agonistic costimulatory proteins, and Seattle Genetics' portfolio of cancer targets and tumor-specific mAbs (see BioCentury Innovations, June 18, 2015).
Pieris will receive $30 million up front and is eligible for $1.2 billion in total milestones, plus tiered royalties. Seattle Genetics has the option to bring up to three programs into clinical development. Pieris may opt to co-develop one of the three globally, and commercialize it in the U.S., with the parties sharing costs and profits equally. Seattle Genetics is to fund the other programs' development...