ADC biotech brings total Series A raise to $89M+; Takeda hands $40M milestone to Arrowhead

04 Apr 2023
endpts.com
Phase 3Breakthrough TherapyLicense out/inADC
Danish biotech Adcendo has tacked on an additional $33.8 million to a Series A it raised a few years ago. AdcendoAdcendo had originally raised a total of $55.6 million in 2021, bringing the total to over $89 million. With its latest injection, Adcendo will kickstart a clinical development program for a uPARAP ADCuPARAP ADC in sarcoma and move along the work on a second ADC asset. According to AdcendoAdcendo, uPARAP is a cancer target that is overexpressed on the cell surface of sarcoma and other mesenchymal cancers and could be a potential ADC target. “This financing underscores the confidence that our investors have in Adcendo’s capabilities and potential to develop innovative ADC cancer therapies in high unmet medical need cancers,” said Michael Pehl, CEO of Adcendo, in a release . The financing was led by Pontifax Venture Capital, Novo Holdings and Ysios Capital. Arrowhead Therapeutics is being handed a $40 million payment from pharma giant Takeda. On Tuesday, Arrowhead received the payment after Takeda dosed the first patient with fazirsiran in its Phase III study dubbed REDWOOD, aiming to treat alpha-1 antitrypsin deficiencyalpha-1 antitrypsin deficiency associated with liver disease (AATD-LD). Fazirsiran is an RNAi therapy meant to reduce the production of the mutant alpha-1 antitrypsin protein to treat AATD. Reducing the production of the protein can bring a halt to liver disease and eventually lead to the repairing of the liver. The FDA gave the drug breakthrough therapy designation in July 2021. Arrowhead and Takeda started collaborating on the drug in October 2020, with Arrowhead receiving an upfront payment of $300 million. The terms would see both companies develop the drug and share profits 50/50 if it gets approved by the FDA. Outside of the US, Takeda leads the global commercialization strategy, with Arrowhead getting royalties of 20%-25% on net sales. Arrowhead can get up to $740 million in development and commercial milestones.
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