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Celgene Revamps IO Deal With Emerging Biotech Sutro; Takeover Option Removed

 
• By Lucie Ellis-Taitt

Celgene and small Californian biotech Sutro have renovated their 2014 cancer drug discovery deal to grant Celgene worldwide rights to the first two products to emerge from the arrangement, and to lift restrictions on Sutro accessing public financial markets.

Businessman comparing two documents, neutral background
Celgene and Sutro redraft 2014 immuno-oncology deal • Source: Shutterstock

The restructuring of a 2014 discovery and development deal for immuno-oncology assets means Celgene Corp. no longer has the option of acquiring its small biotech partner, Sutro Biopharma Inc.

In what the two firms have called a "refocus," restrictions have also been lifted that previously prevented Sutro agreeing additional collaborations with

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