Roche will join Pieris Pharmaceuticals in an up-to-CHF 415 million ($409 million) cancer immunotherapy collaboration designed to develop new drug candidates based on Pieris’ Anticalin® technology platform against an undisclosed target.

Under its first partnered immune-oncology program, Pieris will discover, characterize and optimize Anticalin-based drug candidates. Pieris will then work with Roche to assess various drug formats against the target, and advance them through preclinical development. Roche would oversee IND-enabling activities, clinical development, and worldwide marketing of any resulting products.

In return, Roche agreed to pay Pieris up to CHF 415 million (about $409.3 million), excluding royalties. That includes CHF 6.5 million (about $6.4 million) in upfront money, research funding, and payments tied to development, regulatory, and sales milestones. Pieris is also eligible for mid- single-digit to low double-digit royalties on any future product sales.

“Our partnership with Roche is a significant step forward for Pieris,” Pieris President and CEO Stephen Yoder said in a statement. “The decision by the leader in the development and commercialization of cancer biologics to collaborate with Pieris underscores the unique potential of Anticalin-based proteins as a differentiated class of immuno-oncology drugs.”