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AstraZeneca boosts early respiratory medicine with Pieris deal

Reuters - UK Focus

LONDON, May 3 (Reuters) - AstraZeneca (NYSE: AZN - news) boosted its early-stage respiratory medicine pipeline on Wednesday by signing a deal with Pieris Pharmaceuticals (Frankfurt: PI6.F - news) to develop novel inhaled drugs that could fight asthma in new ways.

Pieris will get upfront and near-term milestone payments of $57.5 million and up to $2.1 billion if the experimental drugs go on to become commercially successful.

Pieris will be responsible for advancing its preclinical lead candidate, PRS-060, into initial Phase I clinical trials in 2017, the two companies said.

(Reporting by Ben Hirschler)