Takeda San Francisco and Pieris Sign Anticalin(R) Therapeutic Collaboration

SAN FRANCISCO and FREISING, Germany, January 10, 2011 - Takeda San Francisco (TSF) and Pieris AG have signed a drug discovery
partnership agreement under which Pieris will apply its Anticalin(R) scaffold
technology to deliver protein therapeutic candidates to Takeda, both
companies announced today. The deal initially will focus on first-in-class
drug discovery efforts around a predetermined Takeda target. The
collaboration includes an option for expansion following delivery of a
successful candidate to Takeda, which would lead subsequent development and
commercial efforts. Further deal terms and financial details were not
disclosed.

"TSF's mandate is to lead Takeda's effort in the discovery and
preclinical development of antibody-based therapeutics. Pieris' Anticalin
technology complements our existing capabilities by enabling a novel approach
to targets where differentiation from traditional antibodies is required,"
stated Dr. Mary Haak-Frendscho, President and CSO of TSF. "The technology
provides unique features that made Pieris the obvious partner."

"Our agreement with Takeda demonstrates yet again that Anticalins can
fill gaps left by more conventional technologies such as monoclonal
antibodies," added Stephen Yoder, CEO of Pieris. "Pieris is committed to
maintaining an effective balance between developing our internal therapeutic
pipeline and collaborating with world-class organizations like Takeda."

Pieris' proprietary Anticalin technology platform creates next generation
targeted therapeutics and addresses targets in ways that traditional methods
cannot. Anticalins are recombinantly engineered lipocalins, endogenous
low-molecular weight human proteins that naturally bind, store and transport
a wide spectrum of molecules. To obtain a specific Anticalin, Pieris applies
its deep protein engineering know-how to select drug candidates from its
suite of rationally designed proprietary Anticalin libraries.

About Takeda San Francisco, Inc.

Takeda San Francisco, Inc. (TSF), established in November 2007 as a
wholly owned subsidiary of Takeda Pharmaceutical Company Limited, Osaka,
Japan, is Takeda's Biologics Center of Excellence and Antibody IND Engine for
human antibody therapeutics for the treatment of cancer, inflammation and
metabolic diseases. TSF supports Takeda's therapeutic antibody initiative in
close collaboration with Takeda's other R&D organizations. Additional
information about Takeda San Francisco is available at
www.takedasf.com.

About Takeda Pharmaceutical Company, Limited

Located in Osaka, Japan, Takeda is a research based global company with
its main focus on pharmaceuticals. As the largest pharmaceutical company in
Japan and one of the global leaders of the industry, Takeda is committed to
striving toward better health for patients worldwide through leading
innovation in medicine. Additional information about Takeda is available
through its corporate website, www.takeda.com.

About Pieris

Pieris AG is an independent, clinical-staged biotechnology company
advancing its proprietary Anticalin(r) technology to create safer, more
efficacious and more convenient protein therapeutics. Exclusive to Pieris,
Anticalin-based drugs promise to address high-unmet medical needs and expand
the therapeutic potential of current targeted approaches. Pieris' pipeline
ranges from its Phase I compound, PRS-050 (anti-VEGF, oncology), to multiple
Anticalins in preclinical development. In addition to Takeda, the company has
a multi-year, multi-target collaboration with Sanofi-Aventis and Sanofi
Pasteur, the vaccines division of the sanofi-aventis Group (EURONEXT: SAN and
NYSE: SNY), and an agreement with Allergan, Inc. (NYSE: AGN), focusing on
novel treatments for eye diseases. Privately held, Pieris has been funded by
premier biotechnology-focused venture capital, including lead investors
OrbiMed Advisors and Global Life Science Ventures. For more information,
please visit: www.pieris-ag.com.

    For more information, please contact
    For Pieris:
    Stephen Yoder
    Chief Executive Officer
    Tel: +49(0)8161-1411-400

    or

    Kari Watson
    MacDougall Biomedical
    Communications
    Tel: +1-781-235-3060

    For Takeda San Francisco:
    Patricia Sinatra
    Corporate Communications and Public Relations
    285 E. Grand Avenue
    South San Francisco, CA 94080
    Tel: +1-650-745-9486

For more information, please contact For Pieris: Stephen Yoder, Chief Executive Officer, Tel: +49(0)8161-1411-400, or, Kari Watson, MacDougall Biomedical Communications, Tel: +1-781-235-3060; For Takeda San Francisco: Patricia Sinatra, Corporate Communications and Public Relations, 285 E. Grand Avenue, South San Francisco, CA 94080, Tel: +1-650-745-9486