Fenwick represented Sutro Biopharma, Inc. on the deal.
Sutro Biopharma, Inc. (NASDAQ: STRO), a clinical-stage oncology company, announced its strategic collaboration and licensing agreement with Astellas Pharma Inc. (TSE: 4503), a pharmaceutical company conducting business in more than 70 countries around the world. The collaboration will focus on the discovery and development of novel immunostimulatory antibody-drug conjugates (iADCs).
Under the terms of the agreement, Sutro will receive an upfront cash payment of US$90 million to develop iADCs for three biological targets and may be eligible to receive up to US$422.5 million in development, regulatory and commercial milestones for each product candidate, and tiered royalties ranging from 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 United States.
The Fenwick transaction team included life sciences partner Stefano Quintini (Picture) and counsel Amy Manning; and tax partner Will Skinner.
Law Firms: Fenwick & West LLP;
Clients: Sutro Biopharma, Inc.;