SGEN - Seagen invests $13M in Pieris inks deal for PRS-343 + Tuksya in gastric cancer

Pieris Pharmaceuticals (PIRS) soars 15% premarket after Seagen (SGEN) makes a strategic equity investment in the company as part of an ongoing collaboration between them.The companies have amended their existing immuno-oncology agreement around joint development and commercial rights for the second of up to three products in the alliance, to provide Pieris with a co-promotion option in U.S.Pieris will be entitled to increased royalties in the event that it chooses to exercise the option.In connection with the amendment, Seagen made an equity investment of $13M in Pieris through the purchase of 3,706,174 new common shares at $3.51/share.In addition, the companies have also inked a clinical trial collaboration to evaluate the safety and efficacy of combining Pieris' cinrebafusp alfa (PRS-343) with Seagen's Tuksya (tucatinib), for the treatment of gastric cancer patients expressing lower HER2 levels as part of the upcoming phase 2 study to be conducted by Pieris.

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Seagen invests $13M in Pieris, inks deal for PRS-343 + Tuksya in gastric cancer