Pieris Pharmaceuticals Inc. said its collaboration agreement with AstraZeneca PLC cleared the Hart-Scott-Rodino Act, making way for closing the deal.
Under the agreement, AstraZeneca agreed to collaborate with Pieris to develop inhaled treatments for respiratory diseases using Pieris' Anticalin technology platform.
The collaboration includes PRS-060, Pieris' Anticalin protein targeting IL-4 receptor alpha as well as four additional therapeutic programs against undisclosed targets.
AstraZeneca will make an up-front and near-term milestone payments of $57.5 million to Pieris, along with not more than $2.1 billion in development and sales milestone payments.
For co-developed programs, Pieris is also eligible to receive increased royalties or a gross margin share of profits, depending on the level of its co-development investment.