Ipsen boards ADC train in $900M pact with Sutro

Ipsen has joined the global dealmaking spree for antibody-drug conjugates as the French biopharma picks up its first asset in oncology’s hottest pocket of R&D.

The drugmaker said Tuesday it will pay up to $900 million, including about $90 million in the near term, to snag the exclusive rights to Sutro Biopharma’s ROR1-targeting ADC for solid tumors.

Sutro priced a $75 million stock offering shortly after the Bay Area biotech announced the Ipsen deal.

Known as STRO-003, the candidate marks Ipsen’s foray into ADCs, with the candidate being in the “final stages” of preclinical work, the companies said.

The move gives Ipsen access to a corner of the ADC field led by Merck, which bought VelosBio and its ROR1 ADC for $2.75 billion in the fall of 2020. That asset, now known as Click here to view original post

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