Eyeing an IPO, Sutro retools its $1B I/O deal with Celgene but stays focused on BCMA
In the three years that Sutro and Celgene have been working under the umbrella of a billion-dollar deal, Sutro CEO Bill Newell expects his research crew has explored 15 different targets, including the immuno-oncology stand-outs PD-1 and PD-L1. And the biotech has grown with Celgene’s help, moving from about 90 staffers to 130 as the biotech pushed its own lead programs toward the clinic.
Now, they’re retooling their pact. Celgene is adding an option to acquire worldwide rights on a second program, one of four that the South San Francisco-based biotech will spotlight in the revised collaboration. Only one of those – an antibody drug conjugate targeting B-Cell maturation antigen (BCMA) – is in public view as the partners stay under cover on the rest.
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