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Sutro Biopharma signs $1bn deal with Celgene

Authored by James Sheppard

The San Francisco based biotech company Sutro Biopharma announced that it has signed a multi-year strategic collaboration and option to acquire agreement with the global biotech company Celgene. The deal follows an agreement signed between the two companies in December 2012 collaborate across the field of immune-oncology.

The deal will see both companies integrate across the immuno-oncology space including building on established targets such as PD- and PD-L1 using Sutro’s cell-free biologics development platforms, Xpress CF and Xpress CF+. After the initial period of the deal Celgene will then have the exclusive option to acquire Sutro. Sutro will receive an upfront payment of $95m, which includes an equity investment, and an additional $90m during the initial research term. Across all candidates Sutro is eligible to receive more than $1bn in total payments upon achieving predefined clinical and regulatory milestones.

Sutro will be responsible for discovery and early pre-clinical development of all collaboration multi-specific antibodies and ADCs, as well as the manufacturing of pre-clinical product candidates. Under the collaboration Celgene may assume responsibility for global development and commercialization and will have worldwide rights to all collaboration products, with the exception of certain collaboration products for which Sutro retains U.S. development and commercialization rights, in the event Celgene does not exercise its option to acquire Sutro.

Thomas Daniel, M.D., Celgene president, global research and early development, said ‘Substantive progress and unique advantages of Sutro’s platform have led us to expand and extend our relationship, as a key capability supporting our emerging Immuno-Oncology pipeline. We see this collaboration as a unique opportunity to accelerate the evaluation and development of important products in this and other strategic areas of high potential impact. Sutro has been a strong partner expanding a potentially disruptive technology, and we look forward to building on the existing collaboration.’

Posted in M&A Finance and Funding, Orphan Drugs and Rare Diseases, Pharmaceutical business | Tagged , , , , , , , , , , , | Leave a comment

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