On June 9, 2023, Sutro Biopharma, Inc. (Company) received a notice of termination from Celgene Corporation, a Bristol Myers Squibb company (BMS), of the Amended and Restated Collaboration and License Agreement, dated as of August 2, 2017, by and among the Company, Celgene Corporation and Celgene Alpine Investment Company II, LLC, as amended . The Company and Celgene Corporation originally entered into the collaboration governed by the Agreement in 2014, prior to BMS's acquisition of Celgene Corporation. Under the Agreement, the Company and BMS had been collaborating on an antibody-drug conjugate program targeting B cell maturation antigen, CC-99712.
The Company has been informed by BMS that the decision to terminate the Agreement and stop development of CC-99712 was the result of a portfolio prioritization decision. The termination of the Agreement is effective as of October 7, 2023 (the " Termination Date "). From and after the Termination Date, the Company will have sole worldwide rights to CC-99712.
Sutro Biopharma, Inc. is an oncology company engaged in developing site-specific and novel-format antibody drug conjugates (ADCs), enabled by its proprietary integrated cell-free protein synthesis platform, XpressCF, and its site-specific conjugation platform, XpressCF+. It designs and develops therapeutics using the relevant and potent modalities, including ADCs, bispecific ADCs, immunostimulatory ADCs, and dual conjugate ADCs. Enabled through its XpressCF and XpressCF+ platforms, it has entered multi-target, product-focused collaborations with pharmaceutical and biotechnology companies in the field of oncology, with its ongoing relationships that include licensing to Ipsen, on an exclusive basis, the right to research, develop, manufacture and commercialize STRO-003. STRO-003 is developed for the treatment of solid tumors. Its XpressCF and XpressCF platforms supports Vaxcyte, focused on discovery and development of vaccines for the treatment and prophylaxis of infectious disease.
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