The jury in a Texas court unanimously clears Johnson & Johnson's (JNJ +1.4%) DePuy Orthropedics of charges it manufactured a dangerous and defective metal-on-metal hip implant, the Pinnacle. Many eyes were on the trial because of the controversy with the technology related to potential side effects such as metallosis that is caused by the supposed debris from the metal-on-metal movement.
If the company had lost the trial, its potential liability exposure would grow exponentially.
Celgene (CELG +5.9%) likes its partnership with privately-held Sutro Biopharma so much that is has inked another deal with the antibody-based therapeutics developer. Under the terms of the agreement, Sutro receives a upfront payment of $95M that includes an equity stake, $90M during the research phase and potentially more than $1B, including milestones.
Celgene also has an option to buy Sutro under undisclosed terms.
The partners will work on PD-1 and PD-L1 inhibitors, the most promising cancer immunotherapy area. Sutro's value proposition is a better way to build antibody-drug conjugates that are more selective in their binding targets. Its technology enables a simpler method of making biologics, more akin to small molecule drugs.