Danish biotech company closes $135M Series B to address high-need cancer treatments

Adcendo ApS, a clinical-stage biotechnology company based in Copenhagen, has secured $135 million in an oversubscribed Series B funding round. Led by TCGX, the round saw participation from new investors such as TPG Life Sciences Innovations, Orbimed Advisors, Venrock Healthcare Capital Partners, Surveyor Capital, and Logos Capital, along with existing investors like RA Capital Management and Novo Holdings. The company focuses on developing antibody-drug conjugates (ADCs) for cancers with significant unmet medical needs. The funding will support the advancement of Adcendo’s pipeline, which includes multiple first-in-class ADC programs, through clinical development and proof of concept.

Adcendo ApS is a clinical-stage biotechnology company based in Copenhagen, Denmark, focused on the development of antibody-drug conjugates (ADCs) for the treatment of cancers with significant unmet medical needs. The company’s research centers on creating targeted therapies that combine monoclonal antibodies with cytotoxic drugs to deliver precise treatment to cancer cells. Adcendo’s pipeline includes several ADC candidates, including ADCE-T02, ADCE-D01, and ADCE-B05, which are in various stages of development. The company is working to advance these programs through clinical trials to evaluate their potential in addressing difficult-to-treat cancers.

“We are thrilled with a financing round of this magnitude and the support shown from such a strong group of investors as we continue to advance our pipeline of breakthrough ADCs for the treatment of underserved cancers,” said Michael Pehl, Chief Executive Officer of Adcendo. “The excitement in the ADC space paired with our team’s experience and passion for the underlying science motivates us to continue pushing our programs forward into the clinic. We look forward to achieving key milestones across our pipeline with the support of this fundraising.”

Cariad Chester, Managing Partner of TCGX, commented: “ADCs have transformed the clinical landscape and standard of care in the treatment of solid tumors. Continued progress for hard-to-treat cancers will require innovative approaches and I’m confident Adcendo will be a leader in the next era of ADC drug development. With this financing, Adcendo can rapidly advance a pipeline of exciting, differentiated ADC candidates. These programs have the potential to significantly change the treatment paradigm in multiple cancers and serve patients in need of better therapies.”

As part of the financing, the new Adcendo Board of Directors will consist of John Haurum (Chairman), Cariad Chester (Managing Partner of TCGX), Nandita Shangari (Managing Director at RA Capital), Jeroen Bakker (Partner at Novo Holdings), Carolyn Ng (Business Unit Partner at TPG Life Sciences Innovations), Ohad Hammer (Partner at Pontifax Venture Capital), Iyona Rajkomar (Managing Partner of DawnBio, a platform controlled by KKR) and Michael Pehl (CEO of Adcendo). Roy Amariglio, Principal at Orbimed Advisors, will serve as a board observer.

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