Adcendo Completes $135 Million Series B Financing
Deal News | Dec 02, 2024 | Goodwin
Adcendo, a clinical-stage biotechnology company focused on developing novel antibody-drug conjugates for cancer treatment, has successfully closed a $135 million Series B financing round. The funding round was led by TCGX, with significant contributions from newcomers such as TPG Life Sciences Innovations, Orbimed Advisors, Venrock Healthcare Capital Partners, Surveyor Capital, and Logos Capital. The financing also saw participation from all of Adcendo’s existing investors, including RA Capital Management, Novo Holdings, and others. The funds secured will facilitate the progression of Adcendo's pioneering ADC programs to clinical proofs of concept. The London-based law firm Goodwin provided legal counsel for the deal, deploying a team of professionals well-versed in life sciences transactions.
Sectors
- Biotechnology
- Life Sciences
- Private Equity
Geography
- London, United Kingdom – The legal advisory team from Goodwin, involved in this transaction, is based in London.
- Denmark – Adcendo, the biotechnology company at the center of this transaction, is based in Denmark.
- United States – Several investor participants, including TCGX and RA Capital Management, are based in the US.
Industry
- Biotechnology – Adcendo operates in the biotechnology industry, which focuses on developing medical and therapeutic products using biological systems and organisms.
- Life Sciences – Involves companies like Adcendo that engage in research to improve human health through innovative therapeutics addressing unmet medical needs.
- Private Equity – Includes firms like TCGX and others involved in the funding round, providing capital investments in companies with growth potential.
Financials
- $135 Million – The total amount raised in the Series B financing round.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Adcendo ApS | Target Company | Company | A clinical-stage biotechnology company developing antibody-drug conjugates to treat cancers. |
| TCGX | Lead Investor | Company | A private equity firm that led the Series B financing round. |
| TPG Life Sciences Innovations | Investor | Company | A participant in the Series B financing round providing capital for Adcendo. |
| Orbimed Advisors | Investor | Company | Participated as an investor in the Series B financing round. |
| Venrock Healthcare Capital Partners | Investor | Company | Participated as an investor in the Series B financing. |
| Surveyor Capital (a Citadel company) | Investor | Company | Participated as an investor in the financing round, associated with Citadel. |
| Logos Capital | Investor | Company | Participated in the financing round as an investor. |
| RA Capital Management | Existing Investor | Company | Provided additional investment in the Series B round. |
| Novo Holdings | Existing Investor | Company | Continued support by investing in the Series B round. |
| Pontifax Venture Capital | Existing Investor | Company | Reinvested in this financing round. |
| Dawn Biopharma | Existing Investor | Company | An investor owned by KKR, continued support through Series B participation. |
| HealthCap | Existing Investor | Company | Provided additional support in this financing round. |
| Gilde Healthcare | Existing Investor | Company | An existing investor that participated in the Series B round. |
| Ysios Capital | Existing Investor | Company | Reinvested as part of the Series B. |
| Goodwin | Legal Advisor | Company | The law firm that advised Adcendo on the Series B financing. |