Close­ly al­lied with (both) Mer­cks and Cel­gene, Sutro CEO Bill Newell is lay­ing out all his cards in a new IPO

Sutro CEO Bill Newell didn’t hide his in­ter­est in an IPO last year, af­ter he re­tooled a pact with Cel­gene that elim­i­nat­ed their buy­out op­tion and left the com­pa­ny free to pur­sue its own des­tiny. And with tens of mil­lions of Mer­ck dol­lars back­ing him af­ter their new can­cer drug part­ner­ship last month, he’s go­ing for it.

South San Fran­cis­co-based Sutro filed for a $75 mil­lion IPO last night, spelling out in con­sid­er­able de­tail how he’s been able to raise cash to grow the com­pa­ny from his plat­form part­ner­ships. In­vestors added an $85 mil­lion round a few days ago to top up the num­bers, bring­ing Sutro’s VC to­tal to $175 mil­lion.

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