Sutro Biopharma rises on cancer treatment deal with Japan's Astellas Pharma

Sutro Biopharma

28/06/2022 11:33

** Shares of U.S. drug developer Sutro Biopharma Inc
 STRO.O  jump 35.1% to $5.85 premarket - set for their best day
ever if gains hold
    ** STRO says it has signed a collaboration and licensing
deal with Astellas Pharma Inc  4503.T , one of Japan's biggest
drugmakers, to develop a type of cancer treatment  urn:newsml:reuters.com:*:nPnp97vJa
    ** STRO will receive an upfront cash payment of $90 mln, and
may receive up to $422.5 mln if it meets certain milestones
    ** STRO will also be eligible for tiered royalties in range
of low double-digit to mid-teens on sales of commercial products
that may be developed as part of the deal
    ** STRO has fallen ~71% YTD through Monday's close; its
market cap was $203.22 mln  

 (Reporting by Ruhi Soni in Bengaluru)
 ((Ruhi.Soni@thomsonreuters.com
Twitter: https://twitter.com/ruhithere))