Industry insights, October 2025

COLLABORATIONS AND PARTNERSHIPS

Boehringer Ingelheim bets $991M on Korean ADC program [1]Boehringer Ingelheim. Oct 15, 2025.

Boehringer Ingelheim has struck a deal worth up to $991M to license one of AimedBio’s ADCs for development across multiple cancers. The ADC combines a tumor-targeting antibody with an exatecan-based payload and is expected to enter first-in-human trials in 2026. AimedBio will receive an upfront payment plus milestone and royalty potential. The agreement expands Boehringer’s growing ADC portfolio, built on its 2020 NBE-Therapeutics acquisition and a $1.3B Synaffix deal earlier this year. The company also recently opened a new ADC R&D facility in Basel to accelerate next-generation oncology programs.

Tempus and Whitehawk Therapeutics collaborate to accelerate AI-driven ADC development [2]Tempus. Oct 16, 2025. 

Tempus AI has formed a multi-year partnership with Whitehawk Therapeutics to apply AI and real-world multimodal data to advance the development of ADCs. Using Tempus’ de-identified clinical and molecular dataset, Whitehawk will optimize trial design and biomarker strategy across its ADC portfolio, which includes assets targeting PTK7, MUC16, and SEZ6 in lung and gynecological cancers. The collaboration aims to refine patient selection and indication prioritization through RNA- and IHC-based biomarker concordance, ultimately accelerating the delivery of data-driven, targeted ADC therapies to patients with high unmet needs.

Catalent licenses Lista’s certepeptide for next-generation ADC development [3]Lisata Therapeutics. Oct 8, 2025. 

Catalent has entered a global, non-exclusive licensing agreement with Lisata Therapeutics to integrate Lisata’s certepetide, a proprietary internalizing RGD (‘iRGD’) cyclic peptide, into ADCs developed on Catalent’s SMARTag^® platform. The deal grants Catalent worldwide rights to develop and commercialize ADCs containing certepetide and its analogs, with the option to partner externally. Lisata will receive over $10M in milestone payments plus revenue sharing on future products. The collaboration aims to harness iRGD’s tumor-targeting and penetration abilities to enhance ADC efficacy, with supporting preclinical data set to be presented at the World ADC conference in San Diego.

Turbine and AstraZeneca partner to accelerate ADC discovery with AI-driven virtual biology [4]Turbine AI. Oct 9, 2025. 

Turbine has announced a new collaboration with AstraZeneca to apply its AI-powered Virtual Lab platform to ADC discovery and optimization. The partnership will leverage Turbine’s simulation technology to predict ADC response mechanisms, guide sad and target selection, and reduce reliance on large-scale cell line and PDX screening. Using AstraZeneca’s ADC datasets, Turbine’s lab-in-the-loop approach will identify key cell lines for validation while modeling thousands of virtual experiments to predict efficacy and resistance patterns. The collaboration aims to streamline ADC development, uncover mechanistic insights, and enhance translational potential from discovery through clinical application.

REGULATORY CHANGES AND UPDATES

Mabwell’s CDH17-targeting ADC 7MW4911 receives dual IND clearance in China and US [5]Mabwell. Oct 13, 2025. 

Mabwell has secured IND clearance from China’s NMPA and the US FDA for 7MW4911, a first-in-class CDH17-targeting ADC for advanced gastrointestinal cancers. Developed via Mabwell’s proprietary IDDC™ platform, 7MW4911 combines the CDH17-specific antibody Mab0727, a novel cleavable linker, and the MF-6 DNA topoisomerase I inhibitor payload. Preclinical studies showed potent antitumor activity, including efficacy in multidrug-resistant and low-CDH17-expressing models, with strong safety and pharmacokinetic profiles. The ADC’s broad activity across colorectal, gastric, and pancreatic cancers underscores its potential as a next-generation bioconjugate therapy for solid tumors.

Thousand Oaks Biologics earns EU QP Declaration for ADC manufacturing facility [6]Thousand Oaks Biologics. Oct 11, 2025. 

WuXi XDC Cayman, a leading global CRDMO for bioconjugates, reports 62.2% year-on-year revenue growth to RMB 2.7 billion in 1H 2025, with gross profit up 82.2% to RMB 975 million and adjusted net profit before interest up to 69.9% to RMB 733 million. The company expanded its global customer base to 563, signed 37 new iCMC projects, and grew its backlog to $1.3 billion. Key milestones included the GMP release of the DP3 facility in Wuxi and mechanical completion of its Singapore site, on track for GMP release in 1H 2026. WuXi XDC continues advancing frontier technologies to strengthen global leadership in ADCs and bioconjugates.

MARKET TRENDS

ADC Therapeutics raises $60M in private placement [7]ADC Therapeutics. Oct 13, 2025. 

ADC Therapeutics has entered a $60M private investment in public equity (PIPE) financing, selling 11.3M common shares at $4 each and pre-funded warrants for 3.8M shares at $3.90. The round, led by TCGX with participation from Redmile Group and other investors, is expected to close on October 27, 2025. Proceeds will fund the commercial expansion and planned 2027 relaunch of its flagship ADC therapy ZYNLONTA^®, strengthen the balance sheet, and support general operations. CEO Ameet Mallik said the financing positions the company for long-term growth, with key data catalysts expected through 2026.

CLINICAL TRIALS AND RESEARCH

Daiichi Sankyo’s first-in-human DS-3939 ADC shows early efficacy in advanced solid tumors [8]Daiichi Sankyo. Oct 19, 2025. 

Initial Phase I/II results for Daiichi Sankyo’s DS-3939—a potential first-in-class ADC targeting tumor-associated mucin-1 (TA-MUC1)—demonstrated encouraging antitumor activity and a manageable safety profile in heavily pretreated patients with advanced solid tumors. Presented at the ESMO Congress 2025, the dose-escalation data from 64 participants showed one confirmed complete response and 10 partial responses across ovarian, NSCLC, and breast cancers, plus 39 cases of stable disease. DS-3939 employs Daiichi Sankyo’s DXd platform, linking a humanized anti-TA-MUC1 antibody to a topoisomerase I inhibitor payload. Enrollment continues globally in dose-expansion cohorts to further define its therapeutic potential.

Adcytherix secures $122M for clinical advances [9]Adcytherix. Oct 16, 2025. 

French ADC biotech, Adcytherix, has raised $122M in a Series A to advamce its lead ADC, ADCX-020, into clinical trials. The round, led by Bpifrance and existing investors, triples its June 2024 seed funding. Adcytherix plans US, UK, Canadian, and European trial filings by year-end while expanding its ADC pipeline. CEO Jack Elands called the financing a validation of the company’s science and rapid progress since its founding 18 months ago.

Tubulis raises $361M to advance ADC pipeline and expand clinical research [10]Tubulis. Oct 15, 2025. 

Tubulis has raised $361M in a Series C round led by Venrock Healthcare Capital Partners, joined by Wellington Management and Ascenta Capital. The funds will accelerate development of lead ADC TUB-040, targeting NaPi2b in ovarian and lung cancers, which holds FDA Fast Track status and is in Phase I/IIa trials. Proceeds will also support TUB-030, preclinical ADCs, and platform expansion. CEO Dr. Dominik Schumacher said the financing underscores confidence in Tubulis’ vision to deliver differentiated ADCs that offer superior therapeutic benefits.

TOOLS AND TECHNOLOGIES

MEDSIR and Ataraxis AI launch AI platform to optimize ADC use in breast cancer [11]11. MEDSIR. Oct 2, 2025. 

Spanish oncology group MEDSIR has teamed up with New York-based Ataraxis AI to integrate an AI platform into breast cancer trials, aiming to improve the prediction of patient responses and personalize treatment selection. MEDSIR will employ Ataraxis’ AI-powered Breast platform, which merges pathology and clinical data to forecast outcomes for therapies including ADCs. The collaboration seeks to refine drug-matching strategies in an increasingly complex therapeutic landscape, advancing precision oncology and optimizing the clinical application of ADCs in breast cancer management.

CONFERENCES, EVENTS, AND PUBLICATIONS

SystImmune and Bristol Myers Squibb present first global data for bispecific ADC iza-bren at ESMO 2025 [12]Systimmune. Oct 17, 2025. 

SystImmune and Bristol Myers Squibb unveiled the first global Phase I data for iza-bren (BL-B01D1), a first-in-class EGFR×HER3 bispecific ADC, at the ESMO Congress 2025. In the US-Lung-101 trial (NCT05983432), iza-bren showed a 55% confirmed response rate at the 2.5 mg/kg dose and a median progression-free survival of 5.4 months in heavily pretreated patients with advanced NSCLC, both EGFR-mutant and wild-type. The ADC demonstrated a manageable safety profile with primarily hematologic adverse events and no interstitial lung disease. Granted FDA Breakthrough Therapy Designation, iza-bren is now advancing into global registrational studies across lung, breast, and urothelial cancers.

Corbus to present updated Phase I/II data on next-generation Nectin-4 ADC at ESMO 2025 [13]Corbus Pharmaceuticals. Oct 14, 2025. 

Corbus Pharmaceuticals will present new data at the ESMO Congress 2025 from its ongoing Phase I/II trial of CRB-701 (SYS6002), a next-generation Nectin-4-targeting ADC for advanced solid tumors. Based on a September 2025 data cut, the updated results include efficacy findings from 122 evaluable patients across head and neck, cervical, urothelial, and other cancers. CRB-701 features a site-specific, cleavable linker and a homogenous DAR of 2 with an MMAE payload. Granted FDA Fast Track status, CRB-701 is designed to improve precision and tolerability over earlier Nectin-4 ADCs.

Cellectar presents preclinical data for novel actinium-based radioconjugate in pancreatic cancer [14]Cellectar Biosciences. Oct 14, 2025. 

Cellectar Biosciences unveiled promising preclinical results for CLR 225, its investigational actinium-225 radioconjugate targeting pancreatic ductal adenocarcinoma (PDAC), at the AACR Special Conference on Pancreatic Cancer. CLR 225 demonstrated potent anti-tumor activity, selective biodistribution, and strong uptake across multiple pancreatic cancer xenograft models. The agent showed meaningful tumor inhibition, survival benefit, and favorable safety with no observed toxicities. Having completed IND-enabling studies, CLR 225 is positioned to advance into Phase I trials, representing a novel bioconjugate approach to overcoming the delivery barriers of dense pancreatic tumors and improving therapeutic outcomes.

Iksuda to unveil Phase I data for HER2-targeting ADC at ESMO 2025 [15]Iksuda. Oct 14, 2025. 

Iksuda Therapeutics will present new clinical data on IKS014, its HER2-targeting ADC, at the ESMO Congress 2025 in Berlin. The Phase I, open-label, multicenter study (NCT05872295) assesses IKS014 in patients with advanced or metastatic HER2-positive solid tumors. Results from the dose-escalation phase conducted in Australia will highlight safety, tolerability, pharmacokinetics, pharmacodynamics, immunogenicity, and preliminary efficacy, supporting dose selection for Phase 2 development. IKS014 represents Iksuda’s lead clinical ADC, developed to enhance tumor specificity and therapeutic potency across HER2-expressing cancers.

Tubulis reports positive first-in-human data for NaPi2b-targeting ADC TUB-040 at ESMO 2025 [16]Tubulis. Oct 19, 2025. 

Tubulis unveiled encouraging early clinical results from its NAPISTAR1-01 Phase I/IIa study (NCT06303505) of TUB-040, a NaPi2b-targeting ADC, in platinum-resistant high-grade serous ovarian cancer (PROC-HGSOC) at the ESMO Congress 2025. Among patients treated at 1.67–3.3 mg/kg, TUB-040 achieved an objective response rate of 59% and a disease control rate of 96%, including responses in those previously treated with other ADCs. The therapy was well tolerated, with mostly low-grade hematologic adverse events and no ocular, neuropathic, or pulmonary toxicity. The data validate Tubulis’ Tubutecan platform and establish proof of concept for its differentiated ADC design, supporting plans for pivotal trials and expansion into new tumor types.

Summary

The bioconjugation sector continues its rapid expansion with major collaborations, regulatory milestones, and significant clinical and financing activity. Boehringer Ingelheim strengthened its oncology portfolio through a $991M licensing deal with Korea’s AimedBio, while Tempus AI and Whitehawk Therapeutics formed a data-driven alliance to advance biomarker-based ADC development. Catalent partnered with Lisata Therapeutics to integrate certepetide into its SMARTag platform, and AstraZeneca teamed up with Turbine to leverage AI-powered cell simulations for ADC discovery.

On the regulatory front, Mabwell secured dual IND clearance in China and the US for its CDH17-targeting ADC 7MW4911, and Thousand Oaks Biologics’ Shanghai facility earned EU QP certification, confirming GMP compliance for ADC manufacturing. Financing momentum remained strong: ADC Therapeutics raised $60M to support the relaunch of ZYNLONTA, while European firms Adcytherix and Tubulis closed $122M and $361M rounds, respectively, to accelerate clinical and pipeline development.

At the ESMO Congress 2025, several companies presented promising ADC data. Daiichi Sankyo’s DS-3939 showed durable responses in multiple solid tumors; SystImmune and Bristol Myers Squibb reported a 55% response rate for their bispecific EGFR×HER3 ADC iza-bren; Corbus Pharmaceuticals showcased progress with its next-generation Nectin-4 ADC; Iksuda unveiled first-in-human data for IKS014; and Tubulis’ NaPi2b-targeting TUB-040 achieved a 59% response rate in ovarian cancer. Together, these results underscore the field’s accelerating clinical maturity and innovation across platforms, targets, and modalities.

References

1. Boehringer Ingelheim. Oct 15, 2025.

2. Tempus. Oct 16, 2025.

3. Lisata Therapeutics. Oct 8, 2025.

4. Turbine AI. Oct 9, 2025.

5. Mabwell. Oct 13, 2025.

6. Thousand Oaks Biologics. Oct 11, 2025. 

7. ADC Therapeutics. Oct 13, 2025. 

8. Daiichi Sankyo. Oct 19, 2025.

9. Adcytherix. Oct 16, 2025. 

10. Tubulis. Oct 15, 2025. 

11. 11. MEDSIR. Oct 2, 2025.

12. Systimmune. Oct 17, 2025. 

13. Corbus Pharmaceuticals. Oct 14, 2025.

14. Cellectar Biosciences. Oct 14, 2025.

15. Iksuda. Oct 14, 2025.

16. Tubulis. Oct 19, 2025.

Affiliation

Lauren Coyle is the Launch Commissioning Editor of Bioconjugation Insights