What Heidelberg Pharma does

Heidelberg Pharma AG is a clinical-stage German biotechnology company developing proprietary Antibody Drug Conjugates (ADCs) for cancer therapy, headquartered in Ladenburg, Germany and publicly traded on the Frankfurt Stock Exchange (HPHA). Its technology centers on ATAC (Antibody Targeted Amanitin Conjugate), a patented platform using Amanitin toxin from the green death cap mushroom as a payload that inhibits RNA polymerase II and can eliminate both dividing and quiescent tumor cells, offering a potential mechanism to overcome drug resistance. The portfolio is anchored by HDP-101 (pamlectabart tismanitin), an ATAC targeting BCMA in Phase IIa for relapsed/refractory multiple myeloma with FDA Fast Track and Orphan Drug Designations, and includes HDP-102 (CD37, non-Hodgkin lymphoma, Phase I), HDP-201 (Exatecan-based, GCC, colorectal cancer, preclinical), and a NAMPT inhibitor ADC technology program.

Heidelberg Pharma operates a licensing- and partnership-driven business model with no commercialized products of its own. Revenue is generated from milestone payments, collaboration revenue, and royalties from out-licensed assets and ATAC technology partners, including Takeda (Amanitin-based ADCs for solid tumors), Huadong Medicine (HDP-101 development in China), and Telix Pharmaceuticals (TLX250-CDx kidney cancer diagnostic imaging, FDA Priority Review with PDUFA August 2025). FY2024 collaboration revenue was EUR 6.849 million, with FY2025 guidance of EUR 9.0-11.0 million and FY2026 forecast of EUR 11.0-15.0 million in revenue and other income.

The company is funded through a mix of equity raises (notably an August 2022 rights issue of approximately EUR 80 million) and royalty monetization agreements with HealthCare Royalty and Soleus Capital that have delivered USD 65 million in upfront payments plus up to USD 95 million in approval- and sales-based milestones. As of February 28, 2026 the company had EUR 9.3 million in cash, 66 employees (reduced from 116 at FY2024 year-end), and a stated runway extending to mid-2027. Control rests with dievini Hopp Biotech Holding as the main shareholder.

Name

Heidelberg Pharma

Legal name

Heidelberg Pharma AG

Website

https://heidelberg-pharma.com

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

51–100 employees

Short description

Heidelberg Pharma AG is a clinical-stage German biotech developing proprietary Antibody Drug Conjugates using Amanitin-based ATAC technology to treat cancer, with lead candidate HDP-101 in Phase IIa for multiple myeloma. Revenue is generated through licensing, milestone payments, and royalties from partners including Takeda, Huadong Medicine, and Telix Pharmaceuticals.

Ownership category

akta.pro rank

Product category

Oncology Pharmaceuticals

NAICS

Biological Product (except Diagnostic) Manufacturing (325414), Pharmaceutical Preparation Manufacturing (325412)

SIC

Biological Products, (No Disgnostic Substances) (2836), In Vitro & In Vivo Diagnostic Substances (2835)

akta.pro primary industry

Antibody-Drug Conjugates (ADCs) & Antibody Conjugates (HLAAAAAE)

Keywords

• Antibody drug conjugates
• Targeted cancer therapy
• Oncology drug development
• Biopharmaceutical research
• Clinical stage biotechnology

Headquarters

HQ city

Ladenburg

HQ country

Germany

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Licensing Royalties: Future royalties from Telix Pharmaceuticals' global sales of diagnostic imaging agent TLX250-Px (TLX250-CDx). Heidelberg Pharma sold a portion of these royalties to HealthCare Royalty and Soleus Capital, retaining a royalty tail after sold cap is reached.
2. Milestone Payments: Development milestone payments from partners including Takeda (for dosing first patient in Phase I/II trial) and Huadong Medicine (for bridging study in China). Financial terms not disclosed.
3. Collaboration Revenue: Revenue from collaboration agreements for ATAC technology, including material deliveries to licensing partners. In FY2024, collaboration revenue was EUR 6.8 million.
4. Royalty Financing: Partial monetization of future royalties through HealthCare Royalty (HCRx) agreement. Received USD 25 million upfront (March 2024), USD 20 million (March 2025 amendment), with additional payments up to USD 90 million upon FDA approval and revenue milestones.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Heidelberg Pharma AG is a clinical-stage biotechnology company developing proprietary Antibody Drug Conjugates (ADCs) for cancer treatment. Its core offering centers on the patented ATAC (Antibody Targeted Amanitin Conjugate) technology platform, which uses the toxin Amanitin from the green death cap mushroom as a payload to target RNA polymerase II in cancer cells. The company develops and licenses multiple ADC candidates for oncology indications including multiple myeloma, non-Hodgkin lymphoma, and colorectal cancer.

Product overview

Heidelberg Pharma is a clinical-stage biotech company developing innovative Antibody Drug Conjugates (ADCs) for cancer treatment. The company's proprietary ADC technology platforms include ATAC (Amanitin-based) and ETAC (Exatecan-based) technologies. The core product portfolio comprises HDP-101 (pamlectabart tismanitin) for multiple myeloma in Phase IIa, HDP-102 for non-Hodgkin lymphoma in Phase I, and HDP-201 for colorectal cancer in preclinical development. The company also developed TLX250-CDx (girentuximab), out-licensed to Telix Pharmaceuticals for diagnostic imaging of kidney cancer. Heidelberg Pharma maintains partnerships with Takeda (Amanitin-based ADC development) and Huadong Medicine (bridging study for HDP-101 in China), while retaining royalty rights on TLX250-Px diagnostic sales through HealthCare Royalty and Soleus Capital arrangements.

Differentiator

Problem solved

Functional benefit

Brands

• ATAC: Antibody Targeted Amanitin Conjugate technology platform using Amanitin toxin payload for cancer treatment
• ETAC

Products and services

• HDP-101 (pamlectabart tismanitin) Lead ATAC (Antibody Targeted Amanitin Conjugate) candidate targeting BCMA for treatment of relapsed or refractory multiple myeloma. Amanitin-based ADC leveraging proprietary ATAC technology platform. Received FDA Fast Track Designation (October 2025) and Orphan Drug Designation (April 2024). Demonstrated complete remissions in Phase I/IIa trial including one patient on continuous treatment for more than 19 months.
• HDP-102 Second ATAC candidate targeting CD37 antigen expressed on B-cell lymphoma cells, developed for treatment of non-Hodgkin lymphoma (NHL) including diffuse large B-cell lymphoma (DLBCL), follicular lymphoma, marginal zone lymphoma, and mantle cell lymphoma. Amanitin-based ADC in Phase I clinical development.
• HDP-201 Novel Exatecan-based multimeric linker ADC targeting Guanylyl Cyclase C (GCC) for treatment of gastrointestinal malignancies including colorectal cancer. Developed from the ETAC (Exatecan-based ADC Technology) platform.
• ATAC Technology Platform Proprietary Antibody Targeted Amanitin Conjugate (ATAC) technology platform licensed to pharmaceutical partners for the development of novel cancer therapeutics. The toxin's unique mode of action offers the opportunity to break through drug resistance and eliminate quiescent tumor cells. Licensed to Takeda for solid tumor ADC development.

Quantifiable outcome

• Complete remissions observed in multiple myeloma patients treated with HDP-101, including stringent complete remissions where no tumor cells detectable in blood or bone marrow
• +2 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Two partnerships are on record, tiered core.

• TakedacoreStrategic or Co-development Partner · 9 September 2022License agreement for development of Amanitin-based Antibody Targeted Amanitin Conjugate (ATAC). Takeda developing its own ADC candidate using Heidelberg Pharma's proprietary Amanitin technology for solid tumors. First patient dosed January 2026 in Phase I/II trial, triggering milestone payment to Heidelberg Pharma.
• Huadong MedicinecoreStrategic or Co-development Partner · 28 February 2022Strategic partnership including equity investment for development and commercialization of HDP-101 (pamlectabart tismanitin) in China. Huadong conducting bridging study to evaluate safety, tolerability, pharmacokinetics and efficacy in Chinese patients with plasma cell disorders including multiple myeloma.

Scale indicators8 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• ADC Therapeutics: Clinical-stage ADC biotech developing pyrrolobenzodiazepine-based and other ADC payloads against hematologic and solid tumor targets. Most direct competitor to Heidelberg's ATAC approach given its analogous focus on ADCs for cancer, multiple clinical assets, and reliance on licensing/milestone revenue.
• Mersana Therapeutics: US clinical-stage biotech with proprietary ADC platforms (Dolasynthen, Immunosynthen) targeting oncology indications including platinum-resistant ovarian cancer and triple-negative breast cancer. Comparable to Heidelberg as a small, pipeline-driven ADC specialist with multiple payload/linker technologies in clinical development.
• ImmunoGen (AbbVie): Pioneer in ADC development (Elahere for platinum-resistant ovarian cancer), acquired by AbbVie in 2024 for ~$10.1B. Closest historical analog to Heidelberg's ATAC strategy, having similarly developed multiple payload classes and built a portfolio pipeline before being acquired.
• Pyxis Oncology: Clinical-stage ADC biotech developing microtubule-inhibitor-based ADCs and antibody-drug conjugate platforms (Pyxis' PYX-201 and others). Most comparable peer given its similar clinical-stage status, oncology-only ADC focus, and reliance on partnerships to advance its pipeline.

Emerging players

• ProfoundBio: Clinical-stage ADC company (acquired by Genmab in 2024) developing topoisomerase-based ADCs and antibody-drug conjugates for solid tumors. Comparable to Heidelberg's pipeline stage and its emphasis on differentiated linker chemistry and payload design.
• Tubulis: German preclinical-stage biotech developing novel ADC linker chemistries (P5 conjugation, dual-warhead ADCs) with applications across multiple hematologic and solid tumor targets. Closely comparable to Heidelberg as a Germany-based ADC technology platform company pursuing differentiated linker/payload technology.
• Oxford BioTherapeutics: Clinical-stage biotech developing ADCs and antibody-based therapeutics for oncology, with multiple payloads and tumor-targeting antibodies. Comparable to Heidelberg as an ADC platform company with both proprietary pipeline assets and partnerships with larger pharma.
• CytomX Therapeutics: Clinical-stage biotech developing Probody-drug conjugates and conditional-activation ADCs that are activated in the tumor microenvironment. Comparable to Heidelberg given its ADC-platform DNA (partnered programs with Astellas, Bristol Myers Squibb) and reliance on Big Pharma validation for value creation.

Broad incumbents

• Daiichi Sankyo: Japanese pharma company co-developing Enhertu and Datroway with AstraZeneca; the global leader in DXd-based ADC technology. Comparable to Heidelberg as the established ADC incumbent that Heidelberg's ATAC platform competes against for share of voice in oncology.
• Menarini Group: Italian-headquartered pharma that acquired Stemline Therapeutics and has built an ADC franchise (e.g., NEXPHO in clinical development). Comparable as a mid-sized European pharma building ADC capability similar to the value Heidelberg is creating via partnerships with Takeda and Huadong.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/heidelberg-pharma-ag

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries3 records

Funding overview

Funding rounds8 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Heidelberg Pharma