Adcendo Completes Oversubscribed $135M Series B Financing
Deal News | Nov 25, 2024 | HealthCap Venture Capital
Adcendo, a Danish biotech company, announced the successful completion of a $135 million Series B funding round, which was notably oversubscribed. The financing was spearheaded by TCGX and saw participation from new investors like TPG Life Sciences Innovations, OrbiMed Advisors, Venrock Healthcare Capital Partners, Surveyor Capital, and Logos Capital, alongside existing supporters, such as RA Capital Management and Novo Holdings. The funds will catalyze Adcendo’s advancement of its first-in-class Antibody Drug Conjugates (ADC) portfolio targeting high unmet medical needs in cancer treatment, with particular focus on programs like ADCE-T02 and ADCE-D01. The company boasts robust backing from an experienced new Board of Directors committed to furthering ADC development. Adcendo CEO Michael Pehl attributes this milestone to the synergy between investor support and the company’s pioneering ADC programs aimed at revolutionizing hard-to-treat cancer therapy.
Sectors
- Biotechnology
- Healthcare
- Private Equity and Venture Capital
Geography
- Denmark – Adcendo is based in Copenhagen, Denmark, which is the primary location of the biotech company.
- United States – Several primary investors in the Series B round, such as TCGX and TPG, are based in the United States, emphasizing transatlantic investment activity in biotech.
Industry
- Biotechnology – Adcendo operates within the biotechnology sector, focusing on the development of Antibody Drug Conjugates for cancer treatment.
- Healthcare – The investment will further healthcare advances by supporting new therapies in oncology, addressing high unmet medical needs.
- Private Equity and Venture Capital – Multiple venture capital and private equity firms participated in the funding round, highlighting their crucial role in financing biotech innovations.
Financials
- $135 million – The total amount raised by Adcendo in its Series B funding round.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Adcendo | Target | Company | A biotech company focused on the development of innovative ADCs for cancer treatment. |
| TCGX | Bidding Company / Lead Investor | Company | The leading investor in Adcendo's Series B funding round. |
| TPG Life Sciences Innovations | New Investor | Company | One of the new investors participating in the Series B round. |
| Orbimed Advisors | New Investor | Company | An investor in the Series B round providing financial backing to Adcendo. |
| Venrock Healthcare Capital Partners | New Investor | Company | Participated in Adcendo’s Series B financing. |
| Surveyor Capital | New Investor | Company | Part of Citadel, this company joined the investment round supporting Adcendo. |
| Logos Capital | New Investor | Company | One of the financiers involved in the funding round. |
| RA Capital Management | Existing Investor | Company | Continued its support in the Series B funding for Adcendo. |
| Novo Holdings | Existing Investor | Company | An existing supporter in the Adcendo Series B round. |
| Pontifax Venture Capital | Existing Investor | Company | Remain a committed investor in Adcendo. |
| Dawn Biopharma | Existing Investor | Company | Affiliated with KKR, continues its investment in Adcendo. |
| HealthCap | Existing Investor | Company | Initially supported Adcendo and continues its investment in the Series B round. |
| Gilde Healthcare | Existing Investor | Company | Part of the consortium backing Adcendo with existing investment. |
| Ysios Capital | Existing Investor | Company | Continues its investment partnership with Adcendo. |
| Michael Pehl | CEO | People | The Chief Executive Officer of Adcendo. |
| Cariad Chester | Managing Partner of TCGX | People | Involved in the strategic planning of Adcendo's ADC development after the investment. |