Sutro inks $390M royalty financing deal with Blackstone; Clinical hold on Pharvaris’ HAE drug lifted

Sutro Bio­phar­ma is land­ing a $140 mil­lion up­front in ex­change for hand­ing off its roy­al­ty in po­ten­tial fu­ture sales of Vax­cyte’s can­di­dates.

The deal, an­nounced Mon­day, is with Black­stone — which al­lows up to an­oth­er $250 mil­lion in fu­ture mile­stone pay­ments for Sutro’s 4% roy­al­ty on Vax­cyte’s prod­ucts. Sutro says the trans­ac­tion gives it non-di­lu­tive growth cap­i­tal, al­low­ing it to con­tin­ue ad­vanc­ing its pipeline and de­vel­op­ing cell-free pro­tein syn­the­sis tech­nol­o­gy fur­ther.

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