Sutro Biopharma Receives Undisclosed Milestone Payment Under Bispecific ADC Collaboration with Merck

Sutro Biopharma Inc STRO has received a milestone payment under its collaboration and license agreement with the healthcare division of Merck KGaA Germany MKGAF.
The payment is related to a patient enrollment achievement in the Phase 1 dose-escalation and expansion study of M1231 in adult patients with metastatic solid tumors.
M1231 is an investigational bispecific antibody-drug conjugate (ADC) targeting MUC1-EGFR.
As part of the agreement, Sutro is manufacturing the antibody and linker-warhead for the early clinical supply and is eligible for further payments and tiered royalties.
Merck will be responsible for the drug product, clinical development, and commercialization of the product candidate.
Price Action: STRO shares are up 0.03% at $18.67 during the market session on the last check Tuesday.