Celgene Corporation and Sutro Biopharma will collaborate on developing multispecific antibodies and antibody drug conjugates.
This agreement follows a previous December 2012 collaboration, and focuses on the immuno-oncology space, including established targets such as PD-1 and PD-L1, and novel targets using Sutro’s cell-free biologics development platforms, Xpress CF and Xpress CF+.
Celgene will have the exclusive option to acquire Sutro, including rights to all Sutro-owned programs at that time, on pre-specified terms: Sutro will receive upfront payments totaling $95 million, which includes an equity investment. Sutro may also receive up to an additional $90 million during the initial research term, including payments for manufacturing-related and productivity milestones.
Sutro will be responsible for discovery and early pre-clinical development of all collaboration multispecific antibodies and ADCs, as well as the manufacturing of pre-clinical product candidates. Celgene may assume responsibility for global development and commercialization and will have worldwide rights to all collaboration products, with the exception of certain collaboration products for which Sutro retains U.S. development and commercialization rights, in the event Celgene does not exercise its option to acquire Sutro.
