Biopharma startup Adcytherix, a developer of next-generation antibody-drug conjugates (ADCs), has raised €105 million in a record-breaking Series A round to accelerate the development of its lead therapeutic candidate targeting hard-to-treat cancers.
The round was co-led by Andera Partners, Angelini Ventures, Bpifrance (via its Large Venture and InnoBio funds), and Kurma Partners, with participation from Surveyor Capital (a Citadel company), aMoon, and returning investors Pontifax, DawnBiopharma (KKR-controlled), Pureos Bioventures, and RA Capital. The investment also marks the first deal from Andera Partners’ new BioDiscovery 7 fund.
Building Europe’s Next ADC Powerhouse
Founded in 2024 by Jack Elands, alongside Pontifax Venture Capital, Xavier Preville, and Carsten Dehning (both former Emergence Therapeutics executives), Adcytherix is developing a new class of ADCs designed to overcome resistance seen with existing payloads and expand the reach of targeted therapies to tumors that currently respond poorly—or not at all—to conventional ADC treatments.
“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,” said Jack Elands, Founder and CEO of Adcytherix. “We’re proud to have attracted a world-class syndicate of investors who share our ambition to develop breakthrough ADCs for patients who have exhausted existing options.”
The company’s lead candidate, ADCX-020, is expected to enter the clinic in 2026, with IND (U.S.) and CTA (EU, UK, Canada) filings planned by the end of 2025. The funding will also fuel the expansion of Adcytherix’s pipeline of proprietary ADCs built around novel payload classes and optimized linker chemistries.
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Backing Europe’s ADC Innovation Wave
Adcytherix’s raise underscores a growing wave of European investment in bioconjugates and oncology therapeutics, following major rounds such as Tubulis’s €308M Series C and Ciloa’s €6.5M financing for engineered exosome therapies. Together, these deals highlight Europe’s emergence as a hub for advanced biologics and targeted cancer therapies.
“Adcytherix stands out with its deep ADC expertise, a differentiated lead program, and a distinctive strategy focused on novel payload classes,” said Dr. Sofia Ioannidou, Partner at Andera Partners. “Their approach has the potential to extend the reach of ADCs to previously unresponsive tumor types and overcome existing resistance mechanisms. We’re thrilled to back Jack and his team as they build a next-generation ADC platform capable of delivering transformative therapies.”
Advancing Toward Clinical Development
The €105M Series A will fund:
- Advancement of ADCX-020 into first-in-human studies.
- Expansion of Adcytherix’s pipeline of novel ADCs targeting multiple cancer indications.
- Continued build-out of its ADC discovery and development platform in Marseille.
Following the investment, Dr. Sofia Ioannidou of Andera Partners will join Adcytherix’s Supervisory Committee.
About Adcytherix
Adcytherix is a Marseille-based biopharmaceutical company pioneering the next generation of antibody-drug conjugates (ADCs) to address cancers with high unmet medical needs. Founded in 2024 by Jack Elands, Pontifax Venture Capital, Xavier Preville, and Carsten Dehning, Adcytherix combines deep expertise in ADC chemistry and oncology drug development to create targeted, transformative therapies. Backed by leading global investors, the company aims to become a European leader in ADC innovation and precision oncology.
