Denmark’s Adcendo has secured the ex-China rights to a preclinical antibody-drug conjugate (ADC) candidate from Multitude Therapeutics in a deal potentially worth over $1 billion

The ADC candidate, ADCE-T02, is described by Adcendo as a “highly differentiated” anti-tissue factor (TF) ADC

The deal includes upfront and milestone payments that could exceed $1 billion, along with tiered royalties in the single to low double digits for Multitude

A phase 1 clinical trial for ADCE-T02 is set to start in Australia in the fourth quarter

Adcendo aims to obtain FDA approval soon to initiate a U.S. study, making ADCE-T02 the first ADC with a topoisomerase I inhibitor-based linker/payload to enter clinical development in Australia, the U.S., and Europe