Adcendo and Multitude Strike Deal valued at Around $1bn

Adcendo has struck a licensing deal with China-based Multitude for their tissue factor-targeting ADC candidate, possibly valued over $1 billion, adding another instance to the trend of antibody drug conjugate (ADC) dealmaking.

With the exception of the Greater China region, which includes Taiwan, Hong Kong and mainland China, the Danish business will have the worldwide rights for the creation and marketing of ADCE-T02.

The firms stated that initial and subsequent payments will “total over $1bn,” although they did not provide many more financial specifics. Additionally, “single digit to low double digit” tiered royalties are an option under the agreement.

Adcendo CEO, Michael Pehl stated: “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.”