Adcendo, a Copenhagen-based clinical-stage biotech developing first-in-class antibody-drug conjugates (ADCs) for cancers with high unmet need, has raised $75 million in an oversubscribed Series C funding round led by Jeito Capital. The company targets mesenchymal solid tumors like soft tissue sarcoma using novel targets such as uPARAP and Tissue Factor. The capital will advance Phase 1/2 trials for ADCE-D01 and ADCE-T02, plus preclinical ADCE-B05.
ADC M&A Frenzy Drives Investments
The raise follows a hot period for ADCs: Gilead acquired Tubulis for up to $5 billion in April 2026, while Sidewinder Therapeutics raised $137M Series B. Adcendo's oversubscribed round includes new investors Vida Ventures, BPI France, and EIFO, with full participation from priors like RA Capital and TCGX. This signals strong conviction in differentiated ADC platforms amid Big Pharma consolidation. Adcendo's focus on underserved mesenchymal cancers sets it apart from broader solid tumor plays.
Mesenchymal Tumors Lack Targeted Options
Mesenchymal cancers like soft tissue sarcoma, osteosarcoma, and glioblastoma feature high collagen content that shields tumors from therapies. Current treatments rely on chemotherapy with limited efficacy and high toxicity. Adcendo targets uPARAP, overexpressed in these tumors and cancer-associated fibroblasts, enabling stromal penetration.
uPARAP Unlocks First-in-Class ADCs
Adcendo's ADCE-D01 is the first uPARAP-targeted ADC with a topoisomerase inhibitor payload, earning FDA Fast Track for soft tissue sarcoma. ADCE-T02 targets Tissue Factor with exatecan payload, engineered to avoid coagulation risks of prior attempts. Both are in Phase 1/2 trials: ADCElerate1 (NCT06797999) and Tiffany-01 (NCT06597721).
As Michael Pehl, CEO, noted:
"This successful financing round… empowers us to continue advancing our pipeline toward upcoming data readouts."
Jeito Capital Bets on Oncology Precision
Jeito Capital led from its $1.2B Jeito II fund, adding Ksenija Pavletic to the board. New backers like Vida Ventures bring U.S. expertise, supporting Boston operations. Existing investors' full rollover underscores pipeline conviction post-$135M Series B, bringing total raised to over $300M since 2021. This mix signals growth capital for clinical scaling in a validated modality.
ADC Market Scales to $71B by 2031
The global ADC market stands at $20.12B in 2026, projected to reach $71.55B by 2031 at 28.88% CAGR per Mordor Intelligence. Drivers include novel targets beyond HER2 and solid tumor expansion. Competitors like Tubulis raised $400M total before its acquisition, while Araris secured $40M for conjugation tech per company announcement.
Founders Invented Core uPARAP Target
Scientific co-founders Niels Behrendt and Lars H. Engelholm discovered and validated uPARAP at Finsen Laboratory, University of Copenhagen. Behrendt cloned the receptor cDNA; Engelholm created knock-out models. Leadership includes ex-Immunomedics CEO Michael Pehl and ex-AstraZeneca CMO Lone Ottesen, blending discovery depth with clinical execution.
Clinical Milestones Accelerate Pipeline
Funds support ADCE-D01 dose expansion after first-patient dosing and ESMO data presentation. ADCE-T02 advances via Tiffany-01 trial post-FDA IND clearance. Recent hiring in data science, finance, and medical affairs signals U.S. buildout and trial scaling.