ADC specialist Adcytherix SAS raises €105m in Series A round

ADC start-up Adcytherix SAS has raised €105m in what is the largest Series A financing for a European ADC specialist so far this year. The round was co-led by Andera Partners and Angelini Ventures, with participation from Bpifrance, Kurma Partners, Surveyor Capital, aMoon, and existing shareholders Pontifax, Dawn Biopharma, Pureos Bioventures, and RA Capital. Existing investors had previously led a €30m seed financing round in 2024. This Series A is the first investment from Andera Partners’ BioDiscovery 7 fund.

“We have moved very fast in our preclinical development and continue to do so in the clinic,” said Jack Elands, Adcytherix co-founder and CEO. “Our strategy is two-pronged: first, file INDs in the EU, UK, and Canada for our lead program, ADCX-020, in November 2025; start clinical testing in Q1 2026; and leverage the proceeds over the next two years to advance dose-finding studies.” ADCX-020 targets solid tumours and carries a topoisomerase 1-blocking exatecan payload.

However, according to Elands, patients ultimately will become resistant to  payloads such as tubulin or topoisomerase 1 inhibitors. “That is exactly the reason that we are working on novel payloads to overcome that resistance,” he told European  Biotechnology. “Closing the largest ADC-focused Series A in Europe in 2025 validates our science, our vision, and the exceptional work of our team since inception just 18 months ago,” he added.

Elands and his co-founders Carsten Dehning (CFO) and Xavier Preville (VP, Head of Research and Preclinical Development) have a proven track record of success. Previously, they founded the French ADC and topoisomerase I payload specialist Emergence Therapeutics, which was acquired in 2023 by Eli Lilly. Lilly now advances Emergence Therapeutics’ highly cancer-selective Nectin-4-targeting ADC with an exatecan payload under the program name LY4101174.

According to Elands, Adcytherix’s focus will be on developing new ADC payloads capable of targeting unmet cancer indications. The company will drive development of new candidates forward very quickly, based on partnerships with Chinese partners such as Wuxi XDC who are world-leading in terms of ADC development, but also Marseille-based MImAbs. Marseille-headquartered Adcytherix SAS will focus on the European and US markets, said Elands. The company has subsidiaries in the US and the Netherlands.

“ADCs have become an important therapeutic modality in oncology, with revenues from approved drugs in the multi-billion range”, Sofia Ioannidou, PhD, Partner at Andera Partners, told European Biotechnology. “However, the vast majority of ADCs approved or in development are based on only two payload classes, tubulin and topoisomerase I inhibitors. Adcytherix is building a portfolio of proprietary ADCs based on novel payload classes, to address the needs of patients that are not responsive or that have developed resistance to current payloads,” she said. “We look forward to supporting Jack and his team as they build a next-generation ADC platform capable of delivering transformative therapies to patients.” She has joined the Supervisory Committee following the Series A financing.

The record-breaking Series A financing follows the largest European Series C round of another European ADC specialist, Martinsried-based Tubulis.