A Phase I trial for ADCE-T02 is expected in Australia in Q4 this year, with a Clinical Trial Notification submitted in Australia. Image Credit: eamesBot / Shutterstock.

The antibody drug conjugate (ADC) dealmaking trend has seen yet another example as Adcendo has signed a licencing agreement potentially worth over $1bn with China-based Multitude for its tissue factor-targeting ADC candidate.

The Danish company will acquire the global rights for the development and commercialisation rights for ADCE-T02, except in the Greater China region, including mainland China, Hong Kong Special Administrative Region, Macao Special Administrative Region, and Taiwan.

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The companies were light on financial details noting that upfront and milestone payments will “total over $1bn”. The deal also has the option for “single digit to low double digit” tiered royalties.

“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,” said Adcendo CEO, Michael Pehl.

“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.”

ADCE-T02 has a topoisomerase I inhibitor-based linker/payload with “highly differentiated” tissue factor- targeting. The therapy is a preclinical candidate, with a Phase I trial expected to start in Australia in Q4 this year. The companies are also planning trials in the US and Europe.

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Adcendo is flush with cash as it raised €82m ($89.6m) in Series A to fund its ADC pipeline. The company’s other ADC focus is uPARAP, a collagen scavenger receptor. The company also signed a licencing agreement with Duality Biologics to access the latter’s Duality Immune Toxin Antibody Conjugates (DITAC) linker/payload platform for its lead uPARAP-ADC mesenchymal cancers programme, in January.

ADCs have been an area of interest in recent months, and there have been multiple high profile deals. In January, Roche signed a global partnership and licence deal with Medilink Therapeutics for its ADC, YL211, against solid tumours. The deal is expected to be worth over $1bn in potential milestone payments.

In December 2023, Johnson & Johnson Innovative Medicine (J&J) acquired development and commercialisation rights to South Korean LegoChem Biosciences’ ADC candidate LCB84. The company will potentially pay up to $1.7bn in upfront and milestone payments.