PFE - Sutro Blackstone in pact for royalties from Vaxcyte's products

2023-06-26 11:00:02 ET

• Sutro Biopharma, Inc. ( NASDAQ: STRO ) and Blackstone ( BX ) announced Monday a royalty financing collaboration agreement related to future sales of products currently being developed by Vaxcyte ( PCVX ) under a license from Sutro ( STRO ).
• Per the terms, funds managed by Blackstone Life Sciences will be entitled to a 4% royalty interest that Sutro ( STRO ) is expected to receive from the future of Vaxcyte’s ( PCVX ) products. In return, the biotech will receive $140M upfront and $250M additional milestone payments.
• Vaxcyte’s ( PCVX ) lead asset, VAX-24, is a pneumococcal conjugate vaccine based on Sutro’s ( STRO ) XpressCF cell-free protein synthesis technology.
• An April readout indicated that the 24-valent shot was effective at all doses in a Phase 2 trial designed to test it against Pfizer's ( PFE ) pneumococcal shot Prevnar 20 (PCV20) in healthy adults aged 65 and older.

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