Palvella Therapeutics to merge with Pieris Pharmaceuticals.

Palvella Therapeutics, a biotechnology company specializing in developing and commercializing medicines for patients with rare dermatological diseases, agreed to merge with Pieris Pharmaceuticals, a clinical-stage biotechnology company advancing respiratory and cancer treatments. Financial terms were not disclosed. Pre-merger Pieris stockholders are expected to own approximately 18% of the combined company and pre-merger Palvella stockholders are expected to own approximately 82% of the combined company, in each case, prior to the issuance of the shares under the concurrent private financing. "We are pleased to announce our merger with Pieris, allowing Palvella to become a publicly traded company and pursue our vision of becoming the leading rare disease company focused on developing and commercializing novel therapies to treat patients suffering from serious, rare genetic skin diseases," Wes Kaupinen, Palvella Founder and CEO.