Celgene wraps $500M deal to partner with Sutro on next-gen ADCs Read more: Celgene Wraps $500M Deal to Partner with Sutro on Next-gen ADCs

Antibody-drug conjugates are hot. Next-gen ADCs are even hotter. So Celgene has turned to the upstart ADC developers at Sutro Biopharma, promising a package of more than $500 million in upfront fees, an equity stake, R&D support and milestones in exchange for some fine-tuned products. And the biotech says that it is hot on the trail of more deals.