Adcendo acquires TF-targeting ADC in $1B Multitude deal

Adcendo is bolstering its antibody-drug conjugate (ADC) portfolio with the acquisition of a tissue factor (TF)-targeting asset from Multitude Therapeutics. This licensing agreement could potentially exceed $1 billion in value and marks a significant step for Adcendo toward becoming a clinical-stage biotechnology company. The Phase I clinical trial of the ADC, named ADCE-T02, is anticipated to commence this year.

"TF is an excellent ADC target with ample opportunity in high unmet need indications," commented Adcendo CEO Michael Pehl. He also mentioned that ADCE-T02 "perfectly complements our existing unique first-in-class ADC pipeline," which is spearheaded by a preclinical uPARAP program targeting soft-tissue sarcoma and other mesenchymal cancers.

Adcendo highlighted that TF is a clinically validated target and is highly expressed in various cancers, including non-small-cell lung, colorectal, cervical, oesophageal, head-and-neck, bladder, and certain gastrointestinal cancers. Its expression, however, is limited in normal tissues. ADCE-T02 utilizes a topoisomerase I inhibitor-based linker/payload. According to Adcendo, this design minimizes the impact on the coagulation pathway, enhancing the safety profile of the ADC.

Additionally, the T1000-exatecan linker-payload technology platform integrated into ADCE-T02 has demonstrated the potential to amplify the bystander effect, improve linker stability, and possibly overcome resistance mechanisms. An early-stage trial is scheduled to start in Australia in the next quarter, with plans to request approval to begin studies in the United States soon.

Under the terms of the agreement, Adcendo will gain exclusive global development and commercialization rights for ADCE-T02, with the exception of the Greater China region, where Multitude will retain the rights. Multitude Therapeutics will receive an undisclosed upfront payment, along with milestone payments and tiered sales royalties ranging from single-digit to low-double-digit percentages.

Earlier this year, Adcendo boosted its series A financing by €16 million, bringing the total to €98 million. Initially, €51 million was raised in 2021, followed by an additional €31 million last year.