Sutro, Tasly Reach License Deal For STRO-002 In Greater China On Cancer Treatment

(RTTNews) - Sutro Biopharma Inc. (STRO) said that it has reached license agreement with Tasly Biopharmaceuticals Co. Ltd. to develop and commercialize STRO-002 in Greater China, consisting of mainland China, Hong Kong, Macau and Taiwan.

STRO-002 is a FolRa-targeting antibody-drug conjugate (ADC), currently in clinical studies for patients with ovarian and endometrial cancers in the U.S. and Europe.

As per the terms of the deal, Sutro will receive an upfront payment of $40 million and be eligible to receive potentially up to $345 million in development and commercial milestone payments.

Tasly will pursue the clinical development, regulatory approval, and commercialization of STRO-002 in Greater China for ovarian and endometrial cancers, with the potential to expand to further oncological indications including non-small cell lung cancer (NSCLC) and triple-negative breast cancer (TNBC).

Sutro retains development and commercial rights of STRO-002 outside of Greater China. Sutro will be responsible for the clinical trial and initial commercial supply of STRO-002 for trials in the licensed territory pursuant to a supply agreement according to customary terms.

Upon commercialization, Sutro will receive tiered, double-digit royalties based on annual net sales of STRO-002 in Greater China.