Pieris Pharmaceuticals Provides Strategic Update And Announces Restructuring; As Part Of Its Cash Preservation Plan, Pieris Initiated A Corporate Restructuring That Will Result In A Reduction Of The Company's Workforce By ~70%
Portfolio Pulse from Happy Mohamed
Pieris Pharmaceuticals (NASDAQ:PIRS) announced a strategic update following AstraZeneca's decision to terminate their R&D collaboration and discontinue the Phase 2a study for elarekibep. Pieris will focus on new partnerships to advance its therapeutic programs and has initiated a corporate restructuring that will reduce its workforce by 70%. The company has retained Stifel, Nicolaus & Company as its financial advisor to evaluate strategic options, which may include an acquisition, merger, reverse merger, sale of assets, or other transactions.
July 18, 2023 | 1:17 pm
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Pieris Pharmaceuticals is undergoing a significant restructuring, including a 70% workforce reduction, following the termination of a key R&D collaboration with AstraZeneca. This could potentially impact the company's short-term stock performance.
The termination of the R&D collaboration with AstraZeneca and the subsequent restructuring, including a significant workforce reduction, represent major changes for Pieris Pharmaceuticals. These events could potentially lead to uncertainty among investors, which may negatively impact the company's stock price in the short term.
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