Sutro Biopharma up on agreement with Vaxcyte for vaccine component

Sutro Biopharma

20/12/2022 23:26

** Shares of Sutro Biopharma Inc  STRO.O  up ~5% at $7 after
market 
    ** Sutro  PCVX.O  agrees to provide Vaxcyte expanded rights
to develop and manufacture cell-free extract, a key component of
Vaxcyte's vaccine candidates 
    ** Sutro to receive $22.5 mln in upfront payment, eligible
for up to an additional $135 mln pending exercise of an option
and from other milestones as part of the agreement 
    ** Agreement authorizes Vaxcyte to enter into a contract
with an alternate contract manufacturing organization (CMO) to
source the extract and have direct oversight over some aspects
of relationship with the CMO 
    ** As of last close, STRO shares down ~55% YTD
 (Reporting by Raghav Mahobe)
 ((Raghav.Mahobe@thomsonreuters.com;))