Pfizer acquires rights to develop Sutro Biopharma's novel peptide-based therapeutics

Sutro Biopharma, a US biopharmaceutical company developing novel and biosuperior protein therapeutics, says it has entered into a multi-year collaboration with global drugs behemoth Pfizer (NYSE: PFE) for the research, development and commercialization of novel peptide-based therapeutics.

Under the terms of the deal, privately-held Sutro will receive an upfront payment of an undisclosed amount, and Pfizer will provide Sutro with ongoing research funding. Sutro is eligible to receive development milestone payments and royalties upon commercialization of any products that may result from the collaboration. Additional details of the partnership were not disclosed.

"We are pleased to enter into this collaboration with Pfizer because it provides validation for the potential of our technology platform," said William Newell, chief executive of Sutro, adding: "This is another milestone in the maturation of the company as we move toward identification of our first drug candidates."