Denmark’s Adcendo is the latest biotech to go big for an antibody-drug conjugate (ADC) deal, signing off on $1 billion in biobucks to get the ex-China rights to a preclinical candidate from Multitude Therapeutics.
Adcendo described the asset in question, ADCE-T02, as a “highly differentiated” anti-tissue factor (TF) ADC. While the companies didn’t provide a breakdown of the deal, they did say that Multitude would be in line for upfront and potential milestone payments that could head north of $1 billion as well as single-digit to low double-digit tiered royalties.
A phase 1 trial of ADCE-T02 is scheduled to kick off in Australia in the fourth quarter, and Adcendo is planning to get FDA approval “in the near future” to launch a U.S. study. This would make it the first ADC with a topoisomerase I inhibitor-based linker/payload to enter into clinical development in Australia, the U.S. and Europe, according to the biotech.
“Its unique antibody design minimizes the impact on the coagulation pathway, while the T1000-exatecan linker-payload technology platform has been shown to amplify the bystander effect, improve linker stability, and has the potential to overcome potential resistance mechanisms,” the company explained in an Aug. 20 release.
“These differentiated features promise to translate into a superior therapeutic window, a better safety profile, enhanced response rates and longer response durations through reduced toxicity driven treatment terminations, interruptions or dose reductions,” Adcendo added.
ADCE-T02 has been developed using T1000, Multitude’s linker-payload technology, which is designed to ensure ADCs achieve a “better balance of the bystander effect, efficacy, and safety,” the Shanghai- and California-based company said.
Multitude has already taken a number of ADCs into clinical trials focused on a wide range of tumors.
“We are highly impressed by the deep science behind Multitude Therapeutics’ linker/payload platforms and are delighted about our licensing agreement on ADCE-T02, which perfectly complements our existing unique first-in-class ADC pipeline and allows Adcendo to become a clinical-stage biotech company in Q4 2024,” Adcendo CEO Michael Pehl said in the release.
TF is expressed on the surface of some solid tumors, but generally not on healthy tissues. Pfizer and Genmab have brought an anti-TF ADC to market in the form of Tivdak, which was approved for cervical cancer in 2021.
“TF is an excellent ADC target with ample opportunity in high unmet need indications, as was recently reported at the annual ASCO congress,” Pehl added. “The highly differentiated profile of ADCE-T02 will enable a full capture of the potential of this target and will hopefully bring tangible progress to cancer patients in need.”
The primary focus of Acendo’s work has been uPARAP, a collagen scavenger receptor that is overexpressed on the cell surface of a range of cancers, including glioblastoma multiforme and triple-negative breast cancer, and restricted to minor subsets of mesenchymal cells in healthy adults.
Adcendo secured a 16 million euro ($17.7 million) series A extension in May, which featured returning investors like Novo Holdings, RA Capital Management and Gilde Healthcare.
That brought the company’s total funds raised to date to 98 million euros ($108.6 million), which the company said at the time it would use to “further bolster the development of its first-in-class ADC pipeline assets and expand the development strategy for its lead uPARAP program in soft tissue sarcoma and other mesenchymal cancers.”