Sutro Strikes Deal With Pfizer
Sutro Biopharma, the South San Francisco-based developer of biotech drugs, said today it has formed a multi-year partnership with Pfizer to develop peptide-based treatments. Financial terms of the deal weren’t disclosed, although it involves an upfront cash payment, ongoing research support, milestone payments for success in development, and royalties on future product sales. We wrote about Sutro’s technology back in November when it raised a $36.5 million venture round of financing. CEO Bill Newell said at that time that Sutro had “several” partnerships in place that it couldn’t announce, and that he was in position to close two more deals in the next six to 12 months.