Tubulis, a Munich-based biotech developing antibody-drug conjugates (ADCs), has closed a €308 million Series C – the largest ever raised by a European biotech and the biggest financing for a private ADC developer globally.
The round was led by Venrock Healthcare Capital Partners, with participation from Wellington Management, Ascenta Capital, and existing investors including Nextech Invest, EQT Life Sciences, and Frazier Life Sciences.
Tubulis is developing TUB-040, an ADC targeting NaPi2b, an antigen overexpressed in ovarian cancer and lung adenocarcinomas. The drug is in a Phase I/IIa study in patients with platinum-resistant ovarian cancer and relapsed or refractory non-small cell lung cancer. TUB-040 received FDA Fast Track designation in June 2024.
“This landmark financing round reflects the deep conviction these global healthcare investors have in Tubulis and the disruptive potential of our ADC platforms,” said Dr Dominik Schumacher, CEO and co-founder of Tubulis. “With TUB-040 progressing in the clinic and first data to be shared in a late-breaking oral presentation at ESMO, we are ready to expand into earlier treatment lines, while continuing to innovate across our pipeline and technology platforms.”
“Tubulis has distinguished itself in the ADC field with a forward-looking vision consistently backed by strong scientific data,” said Nimish Shah, Partner at Venrock Healthcare Capital Partners. “The company is now positioned to translate an exceptional preclinical foundation into meaningful clinical results, with several important readouts on the horizon.”
The funding will expand clinical development of TUB-040, advance the company’s pipeline including clinical-stage TUB-030, and expand its ADC platform technologies.
