Sutro Biopharma, Arvinas Are Latest to Tee Up Biotech IPOs
Summary
The latest to lay the groundwork to go public are Sutro Biopharma and Arvinas, which both want Wall Street’s help to back human trials of experimental cancer drugs.South San Francisco, CA-based Sutro set a preliminary $75 million target in the IPO paperwork it filed on Thursday.Sutro has cancer drug alliances in place with Merck (NYSE: MRK ), Celgene (NASDAQ: CELG ), and EMD Serono.And the pharma firm plans to buy up to $10 million in more Sutro shares at the IPO price once the company goes public, according to the filing.Arvinas, meanwhile, filed for an IPO to move drugs for prostate and breast cancers into clinical trials that are expected to start next year.
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