What Oncopeptides does

Oncopeptides AB (publ) is a Swedish clinical-stage biotech, founded in 2000 and listed on Nasdaq Stockholm (ticker: ONCO), that develops and commercializes targeted therapies for difficult-to-treat cancers. Its core product, Pepaxti (melflufen/melphalan flufenamide), is the first Peptide Drug Conjugate (PDC) with an alkylating payload, designed to release a cytotoxic alkylator inside multiple myeloma cells via peptidases and esterases overexpressed in tumor tissue. Pepaxti is approved in the EU/EEA/UK (and conditionally in the US under the Pepaxto brand) for adult patients with relapsed/refractory multiple myeloma who have received at least three prior lines of therapy. The company also operates the SPiKE innovation platform for additional candidates and is advancing its PDC platform into glioblastoma based on its blood-brain barrier penetration capability.

The company makes money primarily through direct Pepaxti product sales to hospitals and specialty pharmacies in four owned European markets — Germany (including Austria, its largest market), Italy, Spain, and indirectly through Norway, the UK, and Iceland — supplemented by revenue-sharing distribution partnerships covering Central and Eastern Europe via Salus (11 countries), Greece, South Korea, the Middle East, and Africa. Pricing is reimbursement-driven and varies by country. Go-to-market combines enterprise field sales targeting hematologists and oncologists at major treatment centers with event-driven engagement at major hematology congresses (EHA, COMy, EMN) and KOL-driven real-world evidence generation. Capital structure is supported by a SEK 200M rights issue completed in March 2026 and a conditional EUR 30M European Investment Bank facility, with positive cash flow targeted for 2027.

Name

Oncopeptides

Legal name

Oncopeptides AB (publ)

Website

https://oncopeptides.com

Company type

Public

Founded year

2000

Operating status

Operating

Headcount range

51–100 employees

Short description

Oncopeptides is a Swedish biotech that develops and commercializes Pepaxti (melflufen), a first-in-class Peptide Drug Conjugate for relapsed/refractory multiple myeloma, with a pipeline expanding into glioblastoma via its proprietary PDC and SPiKE platforms.

Ownership category

akta.pro rank

Product category

Oncology Pharmaceuticals

NAICS

Pharmaceutical and Medicine Manufacturing (3254), Biological Product (except Diagnostic) Manufacturing (325414), Scientific Research and Development Services (5417)

SIC

Pharmaceutical Preparations (2834), Biological Products, (No Disgnostic Substances) (2836)

akta.pro primary industry

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

akta.pro secondary industries

Medical Oncology (HLAKAFAB), Clinical Development (Phase I–III Trial Design & Execution) (HLAIALAE)

Keywords

• Multiple myeloma therapy
• Peptide drug conjugates
• Oncology pharmaceuticals
• Targeted cancer therapy
• Hematology treatments

Headquarters

HQ city

Stockholm

HQ country

Sweden

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Marketing or Sales, Supply Chain, Operations

Revenue model

1. Pepaxti Product Sales: Direct commercialization of Pepaxti (melflufen) in European markets through owned commercial infrastructure. Revenue generated from product sales to hospitals and specialty pharmacies in Germany, Austria, Italy, and Spain. Q4 2025 net sales of SEK 18.6 million (88% YoY increase), full-year 2025 net sales more than doubled to SEK 71.1 million.
2. Distribution Partnerships: Revenue sharing arrangements with regional distribution partners. Salus handles commercialization in Central and Eastern Europe (Slovenia, Croatia, Hungary, Slovakia, Czech Republic, Poland, Bulgaria, Romania, Lithuania, Latvia, Estonia) with revenue shared between Oncopeptides and Salus, with Oncopeptides retaining the larger portion. Similar arrangements for South Korea, Middle East, and Africa.
3. European Investment Bank Loan: Unsecured loan agreement with European Investment Bank providing access to conditional loan of up to €30 million structured in three tranches with five-year maturity, contingent on meeting specific milestones related to Pepaxti and Pepaxto cancer therapies.

Go-to-market motion3 records

Distribution channels4 records

Marketing channels5 records

Core offering

Oncopeptides develops and commercializes Pepaxti (melflufen), the first Peptide Drug Conjugate (PDC) with an alkylating payload approved in Europe for the treatment of adult patients with relapsed, refractory multiple myeloma who have received at least three prior lines of therapy. The drug leverages peptidases and esterases overexpressed in multiple myeloma cells to release a toxic payload inside cancer cells, damaging DNA and killing the cancer cells. The company is expanding the PDC and SPiKE platforms into additional indications, including glioblastoma.

Product overview

Oncopeptides is a Swedish biotech company focused on the research, development, and commercialization of targeted therapies for difficult-to-treat cancers. The company's core product is Pepaxti® (melflufen), a Peptide Drug Conjugate (PDC) that rapidly and selectively delivers cytotoxic agents into cancer cells. The company operates two proprietary technology platforms: the PDC platform for peptide-drug conjugates and the SPiKE platform for additional drug candidates. Pepaxti is currently commercialized in Europe for relapsed, refractory multiple myeloma patients. The pipeline is expanding into new indications including glioblastoma, with PDC-based candidates like OPD5 in development.

Differentiator

Problem solved

Functional benefit

Brands

• Pepaxti: Flagship drug (melflufen) - first Peptide Drug Conjugate with an alkylating payload for treatment of multiple myeloma
• Pepaxto
• PDC Platform
• SPiKE Platform
• Oncopeptalks

Products and services

• Pepaxti (Melflufen) Pepaxti (melflufen) is the first Peptide Drug Conjugate (PDC) with an alkylating payload. It is indicated in combination with dexamethasone for adult patients with relapsed, refractory multiple myeloma who have received at least three prior lines of therapy. The drug uses peptidases and esterases overexpressed in multiple myeloma cells to release a toxic payload inside cancer cells, damaging DNA and killing the cancer cells.
• Pepaxto (Melflufen, US brand) US brand name for melflufen. Received accelerated approval in September 2021 from FDA for adult patients with relapsed or refractory multiple myeloma. Not currently marketed in the US; product remains registered.

Quantifiable outcome

• ORR of 41% in heavily pretreated RRMM patients including those refractory to new immunotherapies
• +4 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Salus GroupcoreChannel Partner/ Reseller/ Distributor · 26 May 2026Oncopeptides signed an agreement with Salus for distribution and commercialization of Pepaxti in Central and Eastern Europe. Salus receives exclusive rights to market and sell Pepaxti in 11 countries: Slovenia, Croatia, Hungary, Slovakia, Czech Republic, Poland, Bulgaria, Romania, Lithuania, Latvia, and Estonia. Salus handles local regulatory processes, market access, and commercialization. Revenue is shared between Oncopeptides and Salus, with Oncopeptides retaining the larger portion. The partnership addresses a market potential of approximately 150 million SEK.
• iOMEDICOcoreStrategic or Co-development PartnerCollaboration on the MARINA study, an investigator-initiated, prospective non-interventional study evaluating the real-world effectiveness, safety, and treatment patterns of Pepaxti in Germany. iOMEDICO acts as formal sponsor and coordinator, with Oncopeptides providing financial support. The study observes 50 patients across approximately 25 sites using the SYNERGY platform.
• Academic Institutions (NK Cell Engager Research)minorStrategic or Co-development PartnerCollaborative research with top universities on NK cell engager therapies for multiple myeloma. Study to be presented at ASH 2025. Research demonstrates synergistic anti-myeloma activity and potential advantages over current T-cell-based strategies.
• Oslo University HospitalminorStrategic or Co-development PartnerPartner for Window-of-Opportunity glioblastoma study (WoO/OP-701 INSULA). Dr. Petter Brandal serves as primary investigator. Study evaluating PDC platform's ability to cross blood-brain barrier.

Scale indicators12 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Amgen: Amgen developed Tecvayli (teclistamab), a BCMA-targeting bispecific antibody for relapsed/refractory multiple myeloma. Direct competitor targeting the same triple-class refractory patient population as Pepaxti, with rapid adoption potentially competing for the same prescribing physicians.
• Karyopharm Therapeutics: Karyopharm markets Xpovio (selinexor), an oral selective inhibitor of nuclear export (SINE) compound approved for multiple myeloma. Closest comparable in size, indication focus, and commercialization stage to Oncopeptides - both target relapsed/refractory MM with novel mechanisms and have European commercial efforts.
• Johnson & Johnson: Johnson & Johnson's Janssen division markets Darzalex (daratumumab) - the market-leading CD38 monoclonal antibody for multiple myeloma - plus Carvykti CAR-T therapy with Legend Biotech. The dominant commercial force in multiple myeloma globally and the standard-setter against which Pepaxti's late-line positioning is judged.
• GSK: GSK developed Blenrep (belantamab mafodotin), an antibody-drug conjugate targeting BCMA for multiple myeloma. Direct competitor in BCMA-directed therapy and ADCs - a competitive modality that has had regulatory ups and downs creating market dynamics relevant to Pepaxti's positioning.
• Takeda Pharmaceutical: Takeda markets Ninlaro (ixazomib) and has a substantial multiple myeloma franchise through the Millennium legacy. Competes in the same hematology/oncology specialty channel in Europe and globally, with deep relationships among the same hematologist/oncologist prescriber base.
• Bristol Myers Squibb: Bristol Myers Squibb is a leading multiple myeloma drug developer with Empliciti (elotuzumab) and Revlimid (lenalidomide), and through Celgene acquisition holds Pomalyst. Direct competitor in the multiple myeloma space with established commercial infrastructure across all major geographies where Oncopeptides competes or aims to compete.

Emerging players

• Arcellx: Arcellx is developing CAR-T cell therapies for multiple myeloma, partnered with Gilead/Kite. Represents the next-generation modality competing for the late-line myeloma patient population, with potentially curative intent that could displace Pepaxti's bridging position.
• Bicycle Therapeutics: Bicycle Therapeutics develops Bicycle Toxin Conjugates (BTCs) - a structurally analogous technology platform to Oncopeptides' PDC platform, with a focus on oncology including multiple myeloma. Most direct technology peer with similar mechanism of action (targeted cytotoxic delivery) and platform-extension approach.
• Legend Biotech: Legend Biotech co-developed Carvykti (ciltacabtagene autoleucel), a BCMA-directed CAR-T therapy with Johnson & Johnson. Direct competitor in the late-line multiple myeloma space whose expanding adoption could constrain the addressable market for Pepaxti over time.

Broad incumbents

• AstraZeneca: AstraZeneca has built a major oncology franchise including through the Alexion acquisition covering hematology, with multiple programs in hematological malignancies. Broad incumbent with deep commercial capability across European markets and active investment in next-generation oncology platforms.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds6 records

Investors5 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 Oncopeptides