Sutro Biopharma Shares Rise 24% After Collaboration With Astellas Pharma
June 28 2022 - 10:28AM
Dow Jones News
By Chris Wack
Sutro Biopharma Inc. shares rose 24% to $5.36 after the company
said it entered into a worldwide strategic collaboration and
licensing agreement with Astellas Pharma Inc.
The company said the partnership will focus on the discovery and
development of novel immunostimulatory antibody-drug
conjugates.
The partnership will enable Astellas and Sutro to accelerate
iADC development for three biological targets. Sutro will engage in
research and preclinical studies to identify candidate compounds,
with Astellas working on clinical development.
Sutro will receive an upfront cash payment of $90 million to
develop iADCs for three biological targets and may be eligible to
receive up to $422.5 million in development, regulatory and
commercial milestones for each product candidate, as well as tiered
royalties of low double-digit to mid-teens on worldwide sales of
any commercial products that may result from the collaboration,
subject to Sutro's cost and profit sharing option for the U.S.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
June 28, 2022 10:13 ET (14:13 GMT)
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