Pieris Pharmaceuticals' stock soars after exclusive license deal with Japan's ASKA

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  1. sniper-academy

    sniper-academy Administrator Staff Member

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    Shares of Pieris Pharmaceuticals Inc. soared 16% in premarket trade Monday, after the drug maker announced an exclusive license deal with Japan's ASKA Pharmaceutical Co. Ltd. for the development and commercial rights to Pieris's anemia treatment. Under terms of the agreement, Pieris will receive an immediate upfront payment of $2.75 million from ASKA, and will be eligible for up more than $80 million. Pieris's stock has run up 27% over the past three months through Friday, while the SPDR S&P Pharmaceuticals ETF has gained 3.9% and the S&P 500 has tacked on 7%.

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