ALPMF - Sutro Biopharma gains nearly double after announcing worldwide strategic collaboration with Astellas Pharma

Sutro Biopharma (NASDAQ:STRO) stocks surged 50.6% after-hours on Monday after the firm entered into worldwide, strategic collaboration and licensing pact with Astellas Pharma (OTCPK:ALPMF) focused on the discovery and development of novel immunostimulatory antibody-drug conjugates. The collaboration leverages the unique cancer-fighting potential of iADCs as a novel modality, enabled by Sutro's ability to engineer complex conjugated antibodies, and Astellas' global oncology R&D expertise. iADCs are a next-generation modality for treating cancer and designed to boost anti-cancer activity, offering potential new options for patients who do not respond to existing cancer immunotherapies. The strategic partnership will engage in the development of iADCs, a next generation modality with the potential for effective and efficient approaches for treatment of cold tumors so as to bring new drug therapies to patients who do not respond to existing therapies. Per the terms, Sutro will receive an upfront cash payment of $90M to develop iADCs for three biological targets

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Sutro Biopharma gains nearly double after announcing worldwide strategic collaboration with Astellas Pharma