Adcendo Secures $1 Billion Deal for Multitude’s Anti-TF ADC

Deal Overview:
Adcendo ApS and Multitude Therapeutics Inc. have entered into a global development and commercialization agreement for a novel antibody-drug conjugate (ADC) targeting Tissue Factor (TF), with a deal value of over $1 billion.

ADC Details:
The ADC, known as ADCE-T02, is highly differentiated and the first to use a Topoisomerase I inhibitor-based linker/payload. It is designed to minimize impact on the coagulation pathway and has shown potential to overcome resistance mechanisms.

Clinical Development:
Clinical Trial Notification for ADCE-T02 has been submitted in Australia, with an IND application in the United States planned. The Phase I study in Australia is expected to start in Q4 2024.

Financial Terms:
Multitude will receive upfront and milestone payments totaling over $1 billion, as well as single-digit to low double-digit tiered royalties on future product sales.

Partnership:
Adcendo will have exclusive development and commercialization rights globally, except for the Greater China region, where Multitude retains these rights.

Target Indications:
TF is highly expressed in various cancers, including non-small cell lung cancer, colorectal cancer, cervical cancer, and others, with limited expression in normal tissues.

Company Background:
Adcendo is developing breakthrough ADCs for underserved cancers and has completed a Series A extension financing round, raising 98M EUR to advance its ADC pipeline.