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SUTRO BIOPHARMA, INC.

(STRO)
  Report
Real-time Estimate Cboe BZX  -  01:56 2022-12-09 pm EST
7.525 USD   -4.51%
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SUTRO BIOPHARMA, INC. : Entry into a Material Definitive Agreement, Other Events, Financial Statements and Exhibits (form 8-K)

06/28/2022 | 06:07am EST

Item 1.01. Entry into a Material Definitive Agreement.

On June 27, 2022, Sutro Biopharma, Inc., a Delaware corporation (the "Company") entered into a License and Collaboration Agreement (the "Agreement") with Astellas Pharma Inc. ("Astellas") for the development of immunostimulatory antibody-drug conjugates for up to three biological targets, to be identified by Astellas. The Company will research and conduct the pre-clinical development of any compound (as designated by Astellas) in each of the three programs in accordance with the terms of a research plan between the Company and Astellas. Astellas will have an exclusive worldwide license to develop and commercialize any such designated compound, subject to the Company's rights to participate in cost and profit sharing in the United States, as described below.

Pursuant to the Agreement, Astellas will pay the Company an upfront payment in the amount of $90.0 million. The Company is also eligible to receive up to $422.5 million in development, regulatory and commercial milestones, and tiered royalties ranging from low double digit to mid-teen percentages on worldwide sales of any commercial products that may result from the collaboration, subject to customary deductions under certain circumstances. The Company can also elect to convert any product candidate into a cost and profit-sharing arrangement, for the United States only. In the event that the Company makes such election, it will share commercialization costs and profits relating to such product candidate equally with Astellas in the United States, and no royalties will be due from Astellas for net sales of such product candidates in the United States.

The Agreement contains customary provisions for termination, including by Astellas for convenience upon 30 days' written notice and by either party for cause, including for material breach (subject to cure). The Company has certain reversion rights as to product candidates in connection with certain termination events.

The foregoing description of the terms of the Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement, a copy of which will be filed with the Securities and Exchange Commission as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ending June 30, 2022.

Item 8.01 Other Events.

On June 27, 2022, the Company updated its corporate presentation. A copy of the corporate presentation is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein. The corporate presentation will also be available on the Company's website in the Investors section at https://www.sutrobio.com/corporate-presentation/.

Item 9.01 Financial Statements and Exhibits.


Exhibit   Description
Number

 99.1     Corporate Presentation
104         Cover Page Interactive Data File (embedded within the Inline XBRL document)



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