Sutro amends IPO

Autoimmune and cancer company Sutro Biopharma Inc. (South San Francisco, Calif.) amended on Sept. 17 its IPO on NASDAQ and now plans to sell 5 million shares at $14-$16. At the midpoint, the company would raise $75 million and be valued at $332.3 million. Cowen, Piper Jaffray, JMP and Wedbush PacGrow are underwriting the offering.

Concurrent with the proposed IPO, Merck & Co. Inc. (NYSE:MRK) has agreed to purchase up to $10 million worth of Sutro stock at the IPO price in a private placement. The pharma owns about 12.5% of Sutro's outstanding shares...