Fenwick & West LLP represented Sutro Biopharma Inc., a biopharmaceutical company developing antibody drug conjugates and bispecific antibodies, in a collaboration and licensing agreement with EMD Serono, Inc., a subsidiary of Merck KgaA and a specialized biopharmaceutical company dedicated to developing therapies with groundbreaking potential. The collaboration will allow EMD Serono to take advantage of Sutro’s technology platforms in its oncology programs to develop antibody drug conjugates (ADCs) for multiple undisclosed targets.
Under the terms of the agreement, Sutro and EMD Serono will collaborate to discover and develop multiple ADCs utilizing Sutro’s cell-free protein synthesis platforms, Xpress CF™ and Xpress CF+™. Sutro will be responsible for delivering ADCs for Phase I clinical trials and EMD Serono will be responsible for clinical development and commercialization of any resulting products. EMD Serono will make an upfront payment to Sutro and will fund certain R&D activities. Sutro is also eligible to receive payments on completion of certain research, development and regulatory milestones potentially totaling approximately $375 million as well as royalties on product sales. Further financial details are not being disclosed.
The Fenwick transaction team was led by licensing partner Jake Handy.