Pieris Looks For Way Out After AstraZeneca Exits Respiratory Collaboration

Will Cut Workforce By 70%

 
• By Ayisha Sharma
  
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The US biotech is hoping to either partner off its wholly owned pipeline or become a target for an acquisition or merger after AstraZeneca’s asthma exit left it with dwindling cash, and a need to cut costs.  

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Pieris Is Considering A Broad Range Of Business Strategies • Source: Shutterstock

Key Takeaways:

  • AstraZeneca left after the asthma candidate was linked with lung events in a non-clinical trial.

Pieris Pharmaceuticals, Inc. will slash its workforce by 70% under a broader cost-saving plan in a bid to buy the firm more time to clinch partnerships or even a full exit deal after AstraZeneca PLC walked away from a partnership for a protein-based drug candidate for asthma.

Pieris and AstraZeneca teamed up on elarekibep in 2017 under a deal in which Pieris received $57.5m in upfront and...

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