Sutro, Merck KGaA in ADC deal

Sutro Biopharma Inc. (South San Francisco, Calif.) and the EMD Serono division of Merck KGaA (Xetra:MRK) partnered to use Sutro's Xpress CF and Xpress CF+ cell-free protein synthesis technologies to discover and develop antibody-drug conjugates (ADCs) against undisclosed cancer targets.

Sutro will receive an undisclosed upfront payment and research funding. The biotech also is eligible for up to $298 million in R&D and regulatory milestones, plus royalties. ...