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Sutro Biopharma Stock Surges On Cancer Treatment Pact

Stock Markets Jun 28, 2022 13:10
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© Reuters. Sutro Biopharma Stock Surges On Cancer Treatment Pact

  • Astellas Pharma Inc (OTC: ALPMF) and Sutro Biopharma Inc (NASDAQ: STRO) announced a strategic collaboration and licensing agreement focused on the discovery and development of immunostimulatory antibody-drug conjugates (iADC).
  • iADCs are a next-generation modality for treating cancer and are designed to boost anti-cancer activity. They offer potential new options for patients who do not respond to existing cancer immunotherapies.
  • The partnership will work to accelerate iADC development for three distinct biological targets.
  • Sutro will engage in research and preclinical studies to identify candidate compounds, and then Astellas will pursue clinical development.
  • Sutro will receive an upfront payment of $90 million to develop iADCs for three biological targets and may be eligible to receive up to $422.5 million in milestone payments for each product candidate.
  • Sutro has the option to share in the costs and profits for developing and commercializing product candidates in the U.S.
  • If Sutro exercises this option for a particular product candidate, Astellas and Sutro will equally share the costs of such co-development and co-commercialization, with the resulting profits/losses from co-commercialization also shared equally in the U.S.
  • Price Action: STRO shares are up 25.20% at $5.42 during the premarket session on the last check Tuesday.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Sutro Biopharma Stock Surges On Cancer Treatment Pact
 

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