MedImmune and Auven invest USD 40 million in ADC Therapeutics

The collaboration agreement entered into between MedImmune and ADC Therapeutics will include an upfront payment with predetermined development milestones for two programs from a defined list. The parties have a cost- and profit- sharing arrangement with MedImmune representing the majority share. ADC Therapeutics retains the option to co-promote one of the two products in the US.

MedImmune will also pay $20 million for an equity investment in ADC Therapeutics matched by a $20 million additional investment from Auven Therapeutics on the same terms. 

Michael Forer, CEO of ADC Therapeutics and a Managing Director of Auven, said: “The $40 million equity investment in ADC Therapeutics combined with the economic terms of the collaboration agreement with MedImmune ensure that the Company is now well-funded to achieve its mission. Outside of our arrangement with MedImmune, we aim for ADC Therapeutics to have multiple proprietary products in clinical development within two years and to achieve clinical proof-of-concept by 2017.”

Dr. Bahija Jallal, Executive Vice President of MedImmune said, “Antibody-drug conjugates are ground-breaking technologies with the potential for directly targeting many types of cancer tumours while safeguarding healthy cells. The cutting-edge technologies developed by Spirogen and ADC Therapeutics complement MedImmune’s innovative antibody engineering capabilities, enabling us to accelerate antibody-drug conjugates into the clinic” she said.

About ADC Therapeutics
ADC Therapeutics is a Swiss-based oncology drug development company that specializes in the development of proprietary Antibody Drug Conjugates (ADCs) targeting major cancers such as breast, lung, prostate, renal and blood. The Company’s ADCs are highly targeted drug constructs which combine monoclonal antibodies specific to particular types of tumor cells with a novel class of highly potent pyrrolobenzodiazepine (PBD)-based warheads. The Company was launched in 2012 with a $50m commitment from private equity firm Auven Therapeutics. ADC Therapeutics has access to warhead and linkers chemistries via existing agreements with Spirogen.  It operates a virtual business model based in Lausanne, Switzerland.