Sutro licenses STRO-003 ADC to Ipsen for up to $900M; $50M upfront plus equity

SUTRO BIOPHARMA, INC.

Exclusive global license to Sutro's STRO-003 (ROR1-targeting ADC) to Ipsen; total potential $900M.
$50M upfront license fee plus $25M equity investment (4.8M shares at 17% premium to 20-day VWAP).
Up to $447M in development/regulatory milestones and up to $360M in sales milestones.
Tiered royalties from low double-digit to mid-teen percentages on net sales.
Ipsen responsible for IND submission and all subsequent clinical/commercial activities.

Key facts

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 Investment Agreement with Ipsen Biopharmaceuticals, Inc. (USA) valued at Ipsen Biopharmaceuticals, Inc. (USA) agreed to purchase 4,827,373 shares of the Company’s common sto (effective 2024-03-29).

Action: entry
Agreement: equity purchase
Counterparty: Ipsen Biopharmaceuticals, Inc. (USA)
Value: Ipsen Biopharmaceuticals, Inc. (USA) agreed to purchase 4,827,373 shares of the Company’s common sto
Effective: 2024-03-29

Exact text from the filing

Ipsen Biopharmaceuticals, Inc. (USA) (the “ Investor ”), a fully-owned Affiliate of Ipsen, agreed to purchase 4,827,373 shares of the Company’s common stock (the “ Company Share Issuance ”) for $25 million, at a price per share representing a 17% premium to the volume weighted average price (“ VWAP ”) of the Company’s common stock for the twenty trading day period prior to the parties’ execution of the License Agreement, in accordance with the terms set forth in a certain investment agreement by and between the Company and the Investor dated March 29, 2024 (the “ Investment Agreement ”) and attached as Appendix B to the License Agreement.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

SUTRO BIOPHARMA, INC. entered into Exclusive License Agreement with Ipsen Pharma SAS valued at $50 million upfront license fee; $25 million investment for 4,827,373 shares; up to $7 million devel (effective 2024-03-29).

Action: entry
Agreement: license
Counterparty: Ipsen Pharma SAS
Value: $50 million upfront license fee; $25 million investment for 4,827,373 shares; up to $7 million devel
Effective: 2024-03-29

Exact text from the filing

On March 29, 2024, Sutro Biopharma, Inc. (the “ Company ”) and Ipsen Pharma SAS (“ Ipsen ”) entered into an Exclusive License Agreement (the “ License Agreement ”) pursuant to which the Company will license to Ipsen, on an exclusive basis, the right to research, develop, manufacture and commercialize STRO-003.

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380 material agreements filed in the last 30 days. Browse all material agreements →

SUTRO BIOPHARMA, INC. filing history →

Source: SEC EDGAR

accession 0000950170-24-039736

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