ROCKLAND, Mass,--(BUSINESS WIRE)--Sixth paragraph, second sentence of release should read: Sutro is also eligible to receive payments on completion of certain research, development and regulatory milestones potentially totaling approximately $298 million as well as royalties on product sales. (instead of Sutro is also eligible to receive payments on completion of certain research, development and regulatory milestones potentially totaling approximately $375 million as well as royalties on product sales.).
The corrected release reads:
EMD SERONO AND SUTRO BIOPHARMA TO PARTNER ON DEVELOPMENT OF ANTIBODY DRUG CONJUGATES
- EMD Serono to enhance its access to antibody drug conjugate technologies and to expand its oncology pipeline
- Sutro’s Xpress CF and Xpress CF+ platforms to be utilized to develop antibody drug conjugates for multiple undisclosed targets
EMD Serono, Inc., a subsidiary of Merck KGaA, Darmstadt, Germany, and Sutro Biopharma, San Francisco, a biopharmaceutical company developing antibody drug conjugates and bispecific antibodies, today announced a collaboration and license agreement to develop antibody drug conjugates (ADCs). ADCs are composed of an antibody linked to a cytotoxic drug. The antibody is thought to specifically target and deliver the cytotoxic drug to the cancer cells.
The collaboration will allow EMD Serono to take advantage of Sutro’s technology platforms in its oncology programs to develop ADCs for multiple undisclosed targets. Both companies believe that ADCs have the potential for directly targeting cancer cells while safeguarding healthy tissue, and will combine EMD Serono’s knowledge about target biology with Sutro’s technological and discovery capabilities to jointly develop ADCs. By following a strategic approach of creating partnerships, EMD Serono and Sutro aim to develop drug candidates that may ultimately address the unmet needs of patients.
“We continue to explore opportunities that will allow us to better understand the potential ADCs have in directly targeting cancer cells,” said Andree Blaukat, Senior Vice President and Head of Translational Innovation Platform Oncology at the biopharmaceutical division of Merck KGaA, Darmstadt, Germany. “This collaboration with Sutro is reflective of our ongoing commitment to advancing innovation that may provide new therapies for patients.”
“This partnership will help us to advance our position as a leading drug discovery partner to renowned pharmaceutical companies like EMD Serono,” said William J. Newell, chief executive officer of Sutro. “Together with EMD Serono, we will further advance our efforts to develop antibody therapeutics, engineered to deliver a cytotoxic agent to cancer cells. Our technology has been developed to allow loading of an antibody with multiple different agents, and to enable a potential higher uptake of the drug in the tumor cell through an improved stability of the ADC.”
Under the terms of the agreement, Sutro and EMD Serono will collaborate to discover and develop multiple ADCs utilizing Sutro’s cell-free protein synthesis platforms, Xpress CF™ and Xpress CF+™. Sutro will be responsible for delivering ADCs for Phase I clinical trials. EMD Serono will be responsible for clinical development and commercialization of any resulting products.
EMD Serono will make an upfront payment to Sutro and will fund certain R&D activities. Sutro is also eligible to receive payments on completion of certain research, development and regulatory milestones potentially totaling approximately $298 million as well as royalties on product sales. Further financial details are not being disclosed.
About Sutro Biopharma
Sutro Biopharma, located in South San Francisco, is developing a new generation of antibody drug conjugate therapeutics and bifunctional antibody-based therapeutics for targeted cancer therapies. These therapeutics may significantly extend the clinical impact of current oncology therapeutic approaches and are beyond what can be envisioned with current, cell-based expression technologies. Sutro's biochemical synthesis technology, which underpins these therapeutics, allows the rapid and systematic exploration of many protein drug variants to identify drug candidates. Once the product candidates are identified, production can be rapidly and predictably scaled up to commercial levels. Sutro has established a Good Manufacturing Practice (cGMP) facility for the production of clinical supplies of materials using its biochemical protein synthesis platform. Sutro has formed multiple partnerships with biopharma companies utilizing its technology.
For more information, visit www.sutrobio.com.
About EMD Serono, Inc.
EMD Serono, Inc., a subsidiary of Merck KGaA, Darmstadt, Germany, is a specialized biopharmaceutical company dedicated to developing therapies with groundbreaking potential. The company has strong market positions in neurology, endocrinology and in reproductive health. In addition, EMD Serono has an enduring commitment to solve the unsolvable, with state-of-the-art science dedicated to developing new therapies in our core focus areas of neurology, oncology, immuno-oncology and immunology. With a long-standing history of industry expertise and a dedication to shape the future of healthcare, the company’s US footprint continues to grow, with approximately 1,000 employees around the country and fully integrated commercial, clinical and research operations in the company’s home state of Massachusetts.
For more information, please visit www.emdserono.com.
About Merck KGaA, Darmstadt, Germany
Merck KGaA of Darmstadt, Germany, is a leading company for innovative and top-quality high-tech products in the pharmaceutical and chemical sectors. Its subsidiaries in Canada and the United States operate under the umbrella brand EMD. Around 38,000 employees work in 66 countries to improve the quality of life for patients, to further the success of customers and to help meet global challenges. The company generated total revenues of €11.1 billion in 2013 with its four divisions: Biopharmaceuticals, Consumer Health, Performance Materials and Life Science Tools. Merck KGaA of Darmstadt, Germany is the world’s oldest pharmaceutical and chemical company – since 1668, the name has stood for innovation, business success and responsible entrepreneurship. Holding an approximately 70 percent interest, the founding family remains the majority owner of the company to this day.