Vaxcyte in option deal with Sutro for cell-free extract; $22.5M upfront

Vaxcyte, Inc.

Upfront consideration of $22.5M: $10M cash, $7.5M stock (due within 5-7 days), $5M after Form Definitive Agreement.
Option exercise price of $75M cash in two installments plus up to $60M in regulatory milestone payments.
Vaxcyte gains right to directly source cell-free extract from CMOs and option for exclusive internal manufacture/improvements.
Option period is five years, subject to acceleration upon change of control of Vaxcyte.
Agreement supports Vaxcyte's vaccine pipeline by securing supply and development rights for extract.

item 1.01

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

Vaxcyte, Inc. entered into Option Agreement with Sutro Biopharma, Inc. valued at $22.5 million (effective 2022-12-19).

Action: entry
Agreement: license
Counterparty: Sutro Biopharma, Inc.
Value: $22.5 million
Effective: 2022-12-19

Exact text from the filing

On December 19, 2022 (the “Effective Date”), Vaxcyte, Inc. (“Vaxcyte”) entered into an option grant agreement (the “Option Agreement”) with Sutro Biopharma, Inc. (“Sutro,” and together with Vaxcyte, the “Companies”),

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Vaxcyte, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-22-309137

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