PARIS (9 January 2017) – International law firm McDermott Will & Emery advised French-based Servier, an international pharmaceutical company, in its strategic immuno-oncology co-development alliance with Pieris Pharmaceuticals, a clinical-stage biotechnology company, allowing both companies to bring innovative solutions to cancer patients.
The collaboration includes four additional bispecific programs and may be expanded to a total of eight immuno-oncology programs (including PRS-332). Pieris and Servier will jointly develop PRS-332 and split commercial rights geographically, with Pieris retaining all commercial rights in the United States and Servier having commercial rights in the rest of the world.
This alliance will significantly enhance Servier’s portfolio in immuno-oncology, which already comprises 5 products in late preclinical or early development.
The financial terms of the collaboration include an upfront payment to Pieris of EUR30 million (approximately US$31.3 million). Pieris may also receive FTE funding for specific projects, an option fee upon potential expansion of the collaboration as well as development-dependent and commercial milestone payments for PRS-332 and each additional program. The total development, regulatory and sales-based milestone payments to Pieris could reach EUR324 million (approximately US$338 million) for PRS-332, and up to EUR193 million (approximately US$201 million) for each of the other programs.
Pieris and Servier will share preclinical and clinical development costs for each co-developed program. In addition, Pieris will be entitled to receive tiered royalties up to low double digits on the sales of commercialized products in the Servier territories.
The McDermott team advising on the transaction comprised of Paris-based partners Emmanuelle Trombe and Anthony Paronneau, along with associate Christine Wahr.
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