News briefs: Celgene deal with Sutro; Amgen pleads guilty to misbranding
US biotech firm Celgene Corp (Nasdaq: CELG) has entered a collaboration with San Francisco-based Sutra Biopharma to design and develop novel antibody drug conjugates (ADCs) and bispecific antibodies for two undisclosed targets and to manufacture a proprietary Celgene antibody.
Under the terms of the deal, Sutro will receive a “substantial” – but undisclosed - upfront payment, an equity investment in the company and payments for the completion of research, development and regulatory milestones. If all programs are successful, the deal could be worth over $500 million to Sutro. The company is also eligible to receive royalties on product sales.
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