Sutro Biopharma, a Phase 1 biotech developing next-generation immuno-oncology therapies, announced terms for its IPO on Monday.
The South San Francisco, CA-based company plans to raise $75 million by offering 5.0 million shares at a price range of $14 to $16. Insiders intend to purchase $30 million worth of shares in the offering (40% of the deal). At the midpoint of the proposed range, Sutro Biopharma would command a fully diluted market value of $337 million.
Sutro Biopharma was founded in 2003 and booked $33 million in revenue for the 12 months ended June 30, 2018. It plans to list on the Nasdaq under the symbol STRO. Cowen and Piper Jaffray are the joint bookrunners on the deal. It is expected to price during the week of September 24, 2018.
