abcendo
Adcendo ApS is a clinical-stage Danish biotechnology company developing first- and best-in-class antibody-drug conjugates (ADCs) targeting cancers with high unmet medical need, including soft tissue sarcoma and solid tumors. Pre-revenue, the company has raised $453 million across multiple financing rounds.
- Company typePrivate
- Founded2017
- HeadquartersCopenhagen, Denmark
- Headcount—
- GTM typeB2B
- OfferingHardware or Manufacturing
What abcendo does
Adcendo ApS is a clinical-stage biotechnology company founded in 2017 as a spin-out from the University of Copenhagen and Rigshospitalet, headquartered in Copenhagen, Denmark, with US operations established through Adcendo U.S. Inc. in Boston, Massachusetts in April 2025. The company develops a portfolio of first- and best-in-class antibody-drug conjugates (ADCs) targeting cancers with high unmet medical need, integrating novel target biology with optimized linker-payload combinations. Adcendo's pipeline consists of three clinical-stage ADC candidates: ADCE-T02, a potential best-in-class Tissue Factor-targeting ADC using a next-generation exatecan-based T1000 linker-payload for solid tumors including HNSCC, PDAC, CRC, NSCLC, and cervical cancer; ADCE-D01, a first-in-class ADC targeting uPARAP (urokinase plasminogen activator receptor-associated protein) conjugated to the P1021 topoisomerase I inhibitor payload for mesenchymal cancers including soft tissue sarcoma, and granted FDA Fast Track and Orphan Drug Designation; and ADCE-B05, a first-in-class ADC against an undisclosed target in squamous cell carcinomas. The company also holds a preclinical discovery asset (A0401) and has licensed the DITAC linker/payload platform from Duality Biologics.
As a pre-revenue clinical-stage company, Adcendo generates no product sales today. Its economic model is structured around licensing, milestone, and royalty agreements with pharmaceutical partners. The principal commercial agreement is a global development and commercialization deal with Multitude Therapeutics for ADCE-T02 (excluding Greater China), which could deliver over $1 billion in upfront and milestone payments plus single-digit to low double-digit tiered royalties. A clinical collaboration with MSD will evaluate ADCE-T02 in combination with KEYTRUDA (pembrolizumab) in a Phase Ib study. Future revenue will ultimately derive from product commercialization through specialty oncology channels following regulatory approval, complemented by licensing income.
The company has raised approximately $453 million across multiple financing rounds including a EUR 98 million Series A (with extensions in 2021, 2023, and 2024), a $135 million Series B in November 2024 led by TCGX, and a $75 million Series C in April 2026 led by Jeito Capital. The investor base comprises a syndicate of healthcare specialist funds including TCGX, Jeito Capital, Novo Holdings, RA Capital, TPG, Orbimed, Pontifax, Ysios, HealthCap, Gilde Healthcare, Venrock, Surveyor Capital (Citadel), Logos Capital, Vida Ventures, BPI France, EIFO, and Dawn Biopharma (KKR platform). Leadership includes CEO Michael Pehl, formerly of Celgene and Immunomedics where he led Trodelvy development, and independent director Roy Baynes, MD PhD, the former Chief Medical Officer of Merck (MSD) and architect of the Keytruda development strategy.
abcendo firmographics
Firmographics- Name
- abcendo
- Legal name
- Adcendo ApS
- Website
- https://adcendo.com
- Company type
- Private
- Founded year
- 2017
- Operating status
- Operating
- Short description
- Adcendo ApS is a clinical-stage Danish biotechnology company developing first- and best-in-class antibody-drug conjugates (ADCs) targeting cancers with high unmet medical need, including soft tissue sarcoma and solid tumors. Pre-revenue, the company has raised $453 million across multiple financing rounds.
- Ownership category
- akta.pro rank
abcendo industry classification
Industry- Product category
- Antibody-Drug Conjugates
- SIC
- Biological Products, (No Disgnostic Substances) (2836), Pharmaceutical Preparations (2834)
- akta.pro primary industry
- Antibody-Drug Conjugates (ADCs) & Antibody Conjugates (HLAAAAAE)
- akta.pro secondary industry
- Target Identification & Validation Platforms (omics-driven, chemoproteomics, genetic validation) (HLAAAIAI)
Keywords
Where abcendo is headquartered
LocationHeadquarters
- HQ city
- Copenhagen
- HQ country
- Denmark
- HQ region
- Europe
Offices2 records
Markets served
abcendo business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure
Revenue model
- Pharmaceutical Development and Commercialization: Pre-revenue clinical-stage biotechnology company developing ADC pipeline for cancer treatment. Revenue will be generated through eventual product sales following regulatory approval. Pipeline includes ADCE-T02 (Tissue Factor ADC), ADCE-D01 (uPARAP ADC), and ADCE-B05 (undisclosed target). Company also receives milestone payments and royalties from licensing agreements.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels5 records
abcendo product offering
Product offeringCore offering
Adcendo is a clinical-stage biotechnology company developing a pipeline of next-generation antibody-drug conjugates (ADCs) for the treatment of cancers with high unmet medical need. The pipeline comprises three clinical-stage ADC candidates (ADCE-T02, ADCE-D01, ADCE-B05) targeting novel cancer antigens including Tissue Factor (TF), uPARAP and an undisclosed target, plus a discovery-stage asset (A0401) developed using the company's proprietary A0401 drug discovery platform.
Product overview
Adcendo is a clinical-stage biotechnology company developing a pipeline of first- and best-in-class antibody-drug conjugates (ADCs) targeting cancers with high unmet medical need. The company's portfolio consists of three clinical-stage ADC candidates: ADCE-T02 (Tissue Factor targeting, Phase I), ADCE-D01 (uPARAP targeting, Phase I/II), and ADCE-B05 (undisclosed target, Phase I), plus a discovery-stage asset A0401. The company integrates novel targets with optimized linker-payload combinations including topoisomerase I inhibitor payloads (exatecan-based T1000 and P1021).
Differentiator
Problem solved
Functional benefit
Products and services
- ADCE-T02 A clinical-stage antibody-drug conjugate targeting Tissue Factor (TF), a target validated through the Adcendo innovation fund program with University of Copenhagen and Rigshospitalet; intended for treatment of solid tumors.
- ADCE-D01
- ADCE-B05
- A0401
Quantifiable outcome
- FDA Fast Track Designation granted to ADCE-D01 for treatment of soft tissue sarcoma (October 2025)
- +3 more outcomes
Companies that use abcendo
Customer profileNamed customers3 records
Segments3 records
Ideal customer profiles1 record
abcendo technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
abcendo partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core.
- MSD (Merck & Co., Inc.)coreClinical trial collaboration and supply agreement with MSD to evaluate ADCE-T02 in combination with KEYTRUDA (pembrolizumab) in a Phase Ib study in patients with advanced solid tumors. Adcendo sponsors the Phase 1b clinical trial and MSD provides pembrolizumab. Each party retains commercial rights to their respective compounds.
- Multitude Therapeutics Inc.coreGlobal development and commercialization agreement for ADCE-T02 (Tissue Factor targeting ADC). Adcendo obtains exclusive development and commercialization rights globally except Greater China region where Multitude retains rights. Multitude would receive upfront and milestone payments over $1 billion plus single-digit to low double-digit tiered royalties on future product sales.
- Duality BiologicscoreLicense agreement for DITAC (Duality Immune Toxin Antibody Conjugates) linker/payload platform for lead uPARAP-ADC program. DITAC platform designed to generate ADCs with superior safety profiles, sustainable payload delivery and release in tumors, and efficient bystander killing.
Scale indicators6 records
Recent moves7 records
Expansion highlights7 records
abcendo competitors and assessment
Company assessmentDirect peers
- Mersana Therapeutics: Clinical-stage ADC developer with multiple proprietary platforms (Dolasynthen, Immunosynthen) advancing assets in solid tumors. Closely comparable to Adcendo in stage, modality and oncology focus.
- ADC Therapeutics: Commercial and clinical-stage ADC company with approved product Zynlonta and a pipeline of pyrrolobenzodiazepine-based ADCs. Direct peer in ADC modality with comparable oncology focus.
- Pyxis Oncology: Clinical-stage ADC developer leveraging novel tumor-microenvironment targets. Direct peer in modality and oncology indication overlap with Adcendo.
- ProfoundBio: Clinical-stage ADC company developing next-generation ADCs with proprietary linker-payload technology. Direct peer recently acquired by Genmab, validating ADC platform M&A thesis applicable to Adcendo.
- Duality Biologics: ADC platform licensor to Adcendo (DITAC) and developer of its own pipeline of next-generation ADCs. Direct peer in modality and a key platform counterparty for Adcendo's lead program.
- Tubulis: Clinical-stage ADC biotech with proprietary payload and conjugation platforms. Direct peer in ADC modality and pipeline stage with comparable oncology focus.
- Heidelberg Pharma: Clinical-stage ADC developer using proprietary Amanitin payload platform. Direct peer in ADC modality with comparable pipeline stage and oncology focus.
- Mythic Therapeutics: Clinical-stage ADC biotech developing ADCs against novel oncology targets. Direct peer in modality and development stage, recently acquired by GSK, illustrating the ADC-platform M&A precedent.
- Multitude Therapeutics: ADC biotech and Adcendo's licensing partner on the ADCE-T02 Tissue Factor program. Direct peer in modality with overlapping pipeline in TF-targeting oncology indications.
Broad incumbents
- Daiichi Sankyo: Large global pharmaceutical company that pioneered Enhertu and Datroway ADCs in partnership with AstraZeneca. Broad incumbent in the ADC category and a benchmark for what scale a successful ADC franchise can achieve.
Market position
Strengths5 records
Weaknesses4 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
abcendo social profiles
Digital presenceabcendo financial estimates
Financial estimateRevenue estimate
Valuation estimate
abcendo leadership team
Management profileNumber of profiles
Profiles9 records
abcendo subsidiaries and ownership
Company hierarchySubsidiaries1 record
abcendo funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
abcendo M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about abcendo
What does abcendo do?
Adcendo is a clinical-stage biotechnology company developing a pipeline of next-generation antibody-drug conjugates (ADCs) for the treatment of cancers with high unmet medical need. The pipeline comprises three clinical-stage ADC candidates (ADCE-T02, ADCE-D01, ADCE-B05) targeting novel cancer antigens including Tissue Factor (TF), uPARAP and an undisclosed target, plus a discovery-stage asset (A0401) developed using the company's proprietary A0401 drug discovery platform.
Is abcendo a public or private company?
abcendo is a private company. It is classified as venture growth investor backed and is currently operating.
When was abcendo founded?
abcendo was founded in 2017.
Where is abcendo based?
abcendo is headquartered in Copenhagen, Denmark, in the Europe region.
How does abcendo make money?
One revenue line is on record: pharmaceutical Development and Commercialization.
Who are abcendo's main competitors?
Direct peers on record are Mersana Therapeutics, ADC Therapeutics, Pyxis Oncology, ProfoundBio, Duality Biologics, Tubulis, Heidelberg Pharma, Mythic Therapeutics and Multitude Therapeutics. Daiichi Sankyo is listed as a broad incumbent.
Does abcendo have an API?
No public API is recorded for abcendo.
What industry is abcendo in?
abcendo's product category is Antibody-Drug Conjugates. Its primary akta.pro industry code is HLAAAAAE, Antibody-Drug Conjugates (ADCs) & Antibody Conjugates, with a secondary code of HLAAAIAI, Target Identification & Validation Platforms (omics-driven, chemoproteomics, genetic validation). Its SIC code is 2836.