Pieris Pharmaceuticals (NSDQ:PIRS) inked a $45 million deal with AstraZeneca (NYSE:AZN) to develop a group of inhaled drugs for respiratory diseases.
According to the deal, Pieris will get $45 million up front to bring an experimental asthma drug into human clinical trials. The drug is slated to begin Phase I testing this year, which will bring the company another $12.5 million. AstraZeneca plans to fund the development of that program and up to 4 other drugs for respiratory diseases.
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