Sutro says one program clears IND, Celgene opts out of three others

As previously disclosed, under the 2017 amended license agreement between Sutro Biopharma (STRO) and Celgene (CELG), Celgene was advancing four preclinical collaboration programs, one of which is an antibody-drug conjugate targeting B-cell maturation antigen for the treatment of multiple myeloma. Celgene has worldwide development and commercialization rights with respect to this BCMA antibody-drug conjugate. Sutro Biopharma this morning disclosed that the FDA recently cleared the investigational new drug application for the BCMA ADC. Sutro will continue to be responsible for clinical supply manufacturing and certain development services for the BCMA ADC and is entitled to development and regulatory milestone payments and tiered royalties from Celgene, it added. With respect to the remaining three collaboration programs, Celgene has decided to not retain the option to acquire U.S. clinical development and commercialization rights to a second collaboration program. Celgene is therefore not paying Sutro Biopharma the $12.5M option maintenance fee due on IND clearance for the first collaboration program. Consequently, the U.S. clinical development and commercialization rights to the other three collaboration programs remain owned by Sutro, without any further option to Celgene. For any products resulting from these three programs, Celgene will own ex-U.S. development and commercialization rights and will be obligated to pay Sutro development and regulatory milestone payments and tiered royaltie

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