Sutro Biopharma Announces $85.0 Million Initial Public Offering

SOUTH SAN FRANCISCO, Calif., Sept. 26, 2018 /PRNewswire/ -- Sutro Biopharma, Inc., a clinical stage drug discovery, development and manufacturing company focused on leveraging its proprietary integrated cell-free protein synthesis platform, XpressCF™, to create a broad variety of optimally designed, next-generation protein therapeutics for cancer and autoimmune disorders, today announced the pricing of its initial public offering of 5,667,000 shares of its common stock at a price to the public of $15.00 per share. All of the shares are being offered by Sutro. The shares are expected to begin trading on The Nasdaq Global Market on September 27, 2018 under the symbol "STRO." The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Sutro, are expected to be approximately $85.0 million. In addition, the underwriters have been granted a 30-day option to purchase up to an additional 850,050 shares of common stock.

Cowen and Piper Jaffray are acting as joint book-running managers for the offering. JMP Securities and Wedbush PacGrow are acting as co-managers.

In addition to the shares sold in the public offering, Sutro announced the concurrent sale of additional shares of common stock at the initial offering price, for gross proceeds of approximately $10.0 million, in a private placement to Merck Sharp & Dohme Corp., a subsidiary of Merck & Co., Inc., Kenilworth, NJ, USA. The sale of these shares will not be registered under the Securities Act of 1933, as amended.

The closing of the initial public offering is not conditioned upon the closing of the concurrent private placement.

Registration statements relating to these securities have been filed with the Securities and Exchange Commission and became effective on September 26, 2018. The offering is being made only by means of a prospectus. A copy of the final prospectus relating to the offering, when available, may be obtained from Cowen and Company, LLC, c/o Broadridge Financial Services, Attention: Prospectus Department, 1155 Long Island Avenue, Edgewood, NY 11717 or by telephone at (631) 274-2806; or from Piper Jaffray & Co., Attention: Prospectus Department, 800 Nicollet Mall, Suite 800, Minneapolis, MN 55402, by telephone at (800) 747-3924 or by email at prospectus@pjc.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Investor Contact:
John Graziano
Solebury Trout
+1 646-378-2942
jgraziano@soleburytrout.com

Xuan Yang
Solebury Trout
+1 646-378-2975
xyang@soleburytrout.com

Media Contacts:
David Schull
Russo Partners
(212) 845-4271
david.schull@russopartnersllc.com

Amiad Finkelthal
Russo Partners
(646) 942-5626
(917) 217-1838 mobile
amiad.finkelthal@russopartnersllc.com

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SOURCE Sutro Biopharma, Inc.