Sutro proposes $75M IPO

Sutro Biopharma Inc. (South San Francisco, Calif.) proposed on Wednesday to raise $75 million in an IPO on NASDAQ underwritten by Cowen, Piper Jaffray, JMP Securities and Wedbush PacGrow.

Concurrent with the proposed IPO, Merck & Co. Inc. (NYSE:MRK) has agreed to purchase up to $10 million worth of Sutro stock at the IPO price in a private placement. The pharma owns about 12.5% of Sutro's outstanding shares...