Sutro Biopharma, Inc. (STRO) Prices 5.67M Share IPO at $15/Sh

Sutro Biopharma, Inc. (NASDAQ: STRO) 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.

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