Sutro Biopharma (STRO) said late Thursday it appointed Jane Chung as its new chief executive and plans to nearly halve its workforce, following a strategic review of the company's portfolio.
Chung, who was chief operating officer of the company, will succeed Bill Newell as CEO, effective March 13. Newell will remain with Sutro in an advisory capacity.
Sutro said it aims to reduce its headcount by almost 50% with the layoffs to be substantially completed by the end of 2025. The restructuring is expected to cost the company between $40 million and $45 million.
As part of the review, the company will now focus on the development of its three wholly-owned preclinical programs in its cancer treatments pipeline, and deprioritize additional investment into the development of luvelta tazevibulin, its therapeutic candidate for certain types of ovarian cancer.
Sutro intends to continue exploring global out-licensing opportunities for luvelta.
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