Sutro Biopharma, Inc. (NASDAQ:STRO) made an announcement, according to which it has out-licensed STRO-002 to Tasly Biopharmaceuticals in China and Taiwan for ovarian and endometrial cancers, with potential expansion indications, including triple-negative breast cancer and non-small cell lung cancer.

The company will receive an upfront cash payment of $40 million and could receive up to $345 million in sales and development milestones, in addition to tiered royalties ranging from low to mid-teens percentage on net sales in the region.