Servier (France) and Pieris Pharmaceuticals (US) have announced a broad based co-development alliance in the immuno-oncology area, with a focus on developing bispecific anticalin molecules targeting a range of immune checkpoints. The collaboration agreement has the potential to generate up to EUR 1.126 billion (USD 1.186 billion) for Pieris. This includes a EUR 30 million up-front payment, as well as EUR 324 million in potential milestone payments linked to Pieris's development programme, PRS-332, which targets programmed cell death protein 1 (PD-1). In addition, Pieris will be eligible to receive up to EUR 193 million in milestone payments linked to four other research and development (R&D) programmes for immuno-oncology bispecific candidates that are combined with antibodies in Servier's existing product portfolio. Under the financial terms of the deal, Pieris stands to receive low double-digit tiered royalty payments linked to any products developed for commercial sale.