Sutro Biopharma enters $90M upfront license deal with Astellas for ADCs up to 3 targets

SUTRO BIOPHARMA, INC.

Astellas pays $90M upfront; Sutro eligible for up to $422.5M in milestones plus tiered royalties (low double-digit to mid-teen %).
Sutro can elect US cost/profit sharing on any product candidate, replacing royalties in the US.
Deal covers up to 3 biological targets selected by Astellas; Sutro handles preclinical development.
Termination includes Astellas' convenience termination on 30 days' notice and mutual termination for material breach.

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