NEW YORK (AP) -- Pfizer Inc., the world's largest drugmaker, has reached an agreement with privately held Sutro Biopharma to collaborate on the research and development of biotechnology drugs. Financial terms of the deal were not disclosed.
New York-based Pfizer will make an upfront payment to Sutro, which also will receive research funding and could get development milestone payments and sales royalties. Sutro Biopharma is based in South San Francisco.
A Pfizer executive said in a statement the deal gives the company access to peptides that have been difficult to produce using conventional technology.
Shares of Pfizer fell 11 cents to $18.07 in afternoon trading, while broader trading indexes also were down slightly.
New York-based Pfizer will make an upfront payment to Sutro, which also will receive research funding and could get development milestone payments and sales royalties. Sutro Biopharma is based in South San Francisco.
A Pfizer executive said in a statement the deal gives the company access to peptides that have been difficult to produce using conventional technology.
Shares of Pfizer fell 11 cents to $18.07 in afternoon trading, while broader trading indexes also were down slightly.
