French drugmaker Ipsen has inked a global licensing agreement with Sutro Biopharma for an antibody-drug conjugate in the final stages of preclinical development.
Under the terms of the agreement, Ipsen will hand California-based Sutro up to $900 million in upfront payments including an equity investment and tiered royalties on global sales. Ipsen will take over the phase 1 preparation activities, including submission of the IND application, and all subsequent clinical development and global commercialization.