Adcendo and Multitude Announce Global Agreement on New ADC Drug Targeting Tissue Factor

In a landmark announcement, Adcendo ApS ("Adcendo") and Multitude Therapeutics Inc. ("Multitude") have entered into a licensing agreement focusing on the development of a novel antibody-drug conjugate (ADC), ADCE-T02, which targets Tissue Factor (TF). Under the terms of this agreement, Adcendo will exclusively develop and commercialize ADCE-T02 globally, with the exception of the Greater China region, where Multitude will retain those rights.

The financial arrangement under this agreement includes upfront payments and milestone payments to Multitude, which could total over $1 billion. Additionally, Multitude stands to receive tiered royalties on future product sales, ranging from single to low double-digit percentages.

Tissue Factor is identified as a clinically validated ADC target, showing high expression in various cancers such as non-small cell lung cancer, colorectal cancer, cervical cancer, oesophageal cancer, head and neck cancer, bladder cancer, and specific gastrointestinal cancers. Notably, TF's expression in normal tissues is limited, making it an ideal target for cancer therapies.

ADCE-T02 stands out as a highly differentiated anti-TF ADC. It is the first ADC with a Topoisomerase I inhibitor-based linker/payload to enter clinical trials across Australia, the US, and Europe. The ADC's unique antibody design aims to minimize the impact on the coagulation pathway. The T1000-exatecan linker-payload technology platform used in ADCE-T02 is expected to improve the bystander effect, enhance linker stability, and potentially overcome resistance mechanisms. These features could translate into a better safety profile, higher response rates, and prolonged response durations by reducing treatment-related toxicities, interruptions, or dose reductions.

Adcendo has already submitted a Clinical Trial Notification for ADCE-T02 in Australia, and an Investigational New Drug (IND) application in the United States is forthcoming. The Phase I study in Australia is anticipated to begin in the fourth quarter of 2024.

Michael Pehl, CEO of Adcendo, expressed profound admiration for the science behind Multitude's linker/payload platforms. He emphasized that the licensing agreement on ADCE-T02 complements Adcendo’s existing pipeline of first-in-class ADCs, transitioning the company into a clinical-stage biotech entity by the end of 2024. He highlighted that TF is a promising ADC target with significant potential in addressing high unmet medical needs, a sentiment echoed at the annual ASCO congress. Pehl believes that ADCE-T02’s differentiated profile could fully exploit this potential, bringing substantial advancements to cancer patients.

Dr. Xun Meng, CEO of Multitude, expressed enthusiasm for the global collaboration with Adcendo, highlighting their successful cooperation's role in advancing the T1000-exatecan linker-payload platform. Meng looks forward to Adcendo's global clinical development team accelerating the availability of ADCE-T02 to cancer patients worldwide.

Adcendo ApS is focused on developing breakthrough ADCs for treating underserved cancers. In 2024, the company completed a Series A extension financing round, raising a total of 98 million EUR to propel the development of its first-in-class ADC pipeline. Notable investors include Novo Holdings, Ysios Capital, Pontifax Venture Capital, RA Capital Management, HealthCap, Gilde Healthcare, and Dawn Biopharma, a platform managed by KKR.

Multitude Therapeutics is a clinical-stage company dedicated to developing ADC drugs. The company employs two core technology platforms: MabArray™ for discovering novel tumor targets, and T1000 for developing ADCs with a balanced bystander effect, efficacy, and safety. These platforms enable Multitude to create an ADC "atlas" to treat malignant tumors with high unmet medical needs, achieving more durable responses. Several ADCs developed by Multitude have entered clinical trials, demonstrating good safety and efficacy, thus validating the company’s platform technology.