{"schema_version":"secwatch.filing_event.v1","accession":"0000950170-24-039736","form_type":"8-K","ticker":"STRO","cik":"0001382101","company_name":"SUTRO BIOPHARMA, INC.","filed_at":"2024-04-02T23:59:59+00:00","discovered_at":"2026-05-14T18:03:18.173900+00:00","generated_at":"2026-06-04T03:25:21.891299+00:00","sec_items":["1.01","3.02","7.01","9.01"],"event_type":"m_and_a","sentiment":"positive","materiality_score":0.8,"calibrated_materiality_score":0.8,"confidence":"high","headline":"Sutro licenses STRO-003 ADC to Ipsen for up to $900M; $50M upfront plus equity","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0000950170-24-039736","json":"https://secwatch.observer/filing/0000950170-24-039736.json","markdown":"https://secwatch.observer/filing/0000950170-24-039736.md","text":"https://secwatch.observer/filing/0000950170-24-039736.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1382101/000095017024039736/0000950170-24-039736-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1382101/000095017024039736/stro-20240329.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-04T03:25:21.891299+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"52ab4ead495dbc0d33a7c3ea3f30f620a4fc2102","claim":"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).","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1382101/000095017024039736/0000950170-24-039736-index.htm","confidence":0.95,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"equity purchase"},{"label":"Counterparty","value":"Ipsen Biopharmaceuticals, Inc. (USA)"},{"label":"Value","value":"Ipsen Biopharmaceuticals, Inc. (USA) agreed to purchase 4,827,373 shares of the Company’s common sto"},{"label":"Effective","value":"2024-03-29"}],"fact_type":"material_agreement"},{"claim_id":"6edbaa214bd6c8bbb63d35a3832e52d4d5e5b194","claim":"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).","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1382101/000095017024039736/0000950170-24-039736-index.htm","confidence":0.95,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"license"},{"label":"Counterparty","value":"Ipsen Pharma SAS"},{"label":"Value","value":"$50 million upfront license fee; $25 million investment for 4,827,373 shares; up to $7 million devel"},{"label":"Effective","value":"2024-03-29"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}