Sutro Biopharma, a Phase 1 biotech developing next-generation immuno-oncology therapies, raised $85 million by offering 5.67 million shares at $15, the midpoint of the $14 to $16 range. The company raised $10 million more than it had planned (+13%) by offering additional shares.
Insiders had intended to purchase $30 million of the IPO (35% of the deal), while Merck agreed to invest $10 million in a concurrent private placement.
Sutro Biopharma plans to list on the Nasdaq under the symbol STRO. Cowen and Piper Jaffray acted as lead managers on the deal.
