On December 27, 2021 Sutro Biopharma, Inc. ("Sutro") (NASDAQ: STRO), a clinical-stage drug discovery, development and manufacturing company focused on the application of precise protein engineering and rational design to create next-generation cancer and autoimmune therapeutics, reported an exclusive license agreement with Tasly Biopharmaceuticals Co., Ltd. (hereinafter referred to as "Tasly"), a holding subsidiary of Tasly Pharmaceutical Group Co., Ltd. (SHA:600535) for the development and commercialization of STRO-002 in Greater China, consisting of mainland China, Hong Kong, Macau and Taiwan (Press release, Sutro Biopharma, DEC 27, 2021, View Source [SID1234597769]). STRO-002 is a FolRα-targeting antibody-drug conjugate (ADC), currently in clinical studies for patients with ovarian and endometrial cancers in the U.S. and Europe.
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Under the terms of the agreement, 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.
Kaijing Yan, Chairman of the Board, said, "We are delighted to gain access to this promising drug, which has the potential to be the best-in-class FolRα ADC for patients with debilitating cancers, including ovarian cancer and potentially FolRα-expressing cancers. There is a huge unmet need for oncology patients within Greater China and we look towards future development and commercialization of STRO-002 to serve these needs."
Bill Newell, Chief Executive Officer of Sutro added, "This agreement further validates our emerging clinical data surrounding the development of STRO-002. Tasly is an excellent partner for our Greater China collaboration, with a history of successful execution for developing and commercializing therapeutics. We are delighted to broaden the geographical footprint of STRO–002 and allow greater access for cancer patients to a new possible treatment option."