Sutro Biopharma, a biopharmaceutical company developing
novel and biosuperior protein therapeutics with improved pharmaceutical
properties, today announced that the company has entered into a multi-year
collaboration with Pfizer for the research, development and commercialization
of novel peptide-based therapeutics.

Under the terms of the agreement, Sutro Biopharma 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 officer of Sutro Biopharma. “This is
another milestone in the maturation of the company as we move toward
identification of our first drug candidates.”

Sutro Biopharma recently secured $36.5 million in a Series C
financing and announced the appointment of Trevor Hallam, Ph.D., as chief
scientific officer. This is the first major collaboration announced by the
company.

“This partnership gives Pfizer access to peptides that have
been difficult to produce using conventional technologies,” said Jaume Pons,
Ph.D., vice president and chief scientific officer at Pfizer’s Rinat
subsidiary. “Sutro’s open biochemical protein synthesis technology platform
potentially resolves many of the problems inherent in other approaches, and we
are looking forward to the mutual success of our collaboration.”