Safety concerns scuttle Servier, Pieris immuno-oncology alliance

2024-07-04

Pieris Pharmaceuticals has lost yet another key partnership as French drugmaker Servier has decided to pull out of their collaboration agreement, citing potential safety concerns with their joint immuno-oncology candidate.

The decision, disclosed in an SEC filing this week, marks another blow for Pieris, which had already undergone substantial restructuring last year following the discontinuation of a separate tie-up with AstraZeneca.

The deal with Servier, initially forged in 2017, focused on developing immuno-oncology therapeutics based on Pieris' Anticalin protein platform. The termination centres around S095012 (PRS-344), a 4-1BB/PD-L1 bispecific Mabcalin protein that was being developed globally by Servier.

The SEC filing states that Servier's decision to end the partnership was based on a "potential safety concern” in a Phase I study, and as a result, the French drugmaker will discontinue and cease dosing in the trial. Pieris indicated that it plans to review safety data from the early-stage study to "understand its implications," but doesn't plan to pursue further development of the compound.

Massive layoffs last year

Last July, Pieris announced cuts to 70% of its workforce after AstraZeneca decided to discontinue a Phase IIa study of their partnered asset elarekibep (PRS-060/AZD1402), an inhaled IL-4 receptor alpha inhibitor IL-4 receptor alpha inhibitor for asthma treatment. That decision was based on lung findings from a 13-week toxicology study in non-human primates.

The Servier deal included an upfront payment of €30 million ($32 million) to Pieris, and was potentially worth over €1.7 billion ($1.8 billion). The termination is due to officially take effect on December 27.

Meanwhile, Pieris said it retains partnerships with other pharmaceutical companies, with the SEC filing noting that it "continues to remain eligible to receive potential milestone and royalty payments” from its partnerships with Boston Pharmaceuticals and Pfizer.

Earlier this year, Pieris undertook a reverse stock split primarily to regain compliance with the minimum bid price requirement of $1.00 per share for continued listing on the Nasdaq.

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