Extracted from this filing and checked against the source text.
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
SUTRO BIOPHARMA, INC. entered into Letter Agreement with Vaxcyte, Inc. valued at Upfront payment of $22.5 million ($7.5 million in shares and $15 million in cash) and potential mile (effective 2022-12-19).
- Action
- entry
- Agreement
- license
- Counterparty
- Vaxcyte, Inc.
- Value
- Upfront payment of $22.5 million ($7.5 million in shares and $15 million in cash) and potential mile
- Effective
- 2022-12-19
Exact text from the filing
On December 19, 2022, Sutro Biopharma, Inc. (the “ Company ”) entered into a letter agreement (the “ Agreement ”) with Vaxcyte, Inc. (“ Vaxcyte ”) under which the Company granted to Vaxcyte (i) authorization to enter into an agreement with an independent alternate contract manufacturing organization (“ CMO ”) to source cell-free extract solely for the products it licensed from the Company, allowing Vaxcyte to have direct oversight over financial and operational aspects of the relationship with the CMO, and (ii) a right, but not an obligation, to obtain certain exclusive rights to internally manufacture and/or source extract from certain CMOs and the right to independently develop and make improvements to extract for use in connection with the exploitation of certain vaccine compositions (the “ Option ”). The Option is exercisable for five years following the effective date of the Agreement (the “ Option Period ”), subject to potential acceleration in the event of a change of control of
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