New ADC focus as Sutro slashes workforce, drops lead drug
Sutro Biopharma (Nasdaq: STRO), a US biotechnology company, has announced significant organizational changes, including a workforce reduction of nearly 50%, a shift in its drug development focus, and leadership transitions.
Sutro shares, which have fallen around 70% in the last 12 months, lost around 15% of their value in pre-market trading.
The South San Francisco-based firm is halting further investment in its leading drug candidate, luveltamab tazevibulin (luvelta), which was in late-stage trials for treating ovarian cancer. Despite earlier plans for Accelerated Approval by mid-2027, the company is now seeking global licensing opportunities.
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