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AstraZeneca boosts early respiratory medicine with Pieris deal

Reuters
FILE PHOTO: The logo of AstraZeneca is seen on medication packages in a pharmacy in London April 28, 2014. REUTERS/Stefan Wermuth/File Photo (Reuters)

LONDON (Reuters) - AstraZeneca boosted its early-stage respiratory medicine pipeline on Wednesday by signing a deal with Pieris Pharmaceuticals 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)