Tubulis lands record 308 million euro funding to advance ADC pipeline

German biotech Tubulis has closed a 308 million euro ($361 million) series C financing, marking the largest round of its kind for a European biotech and the biggest financing to date for a private antibody-drug conjugate (ADC) developer worldwide.

The round was led by Venrock Healthcare Capital Partners with backing from Wellington Management, Ascenta Capital, and existing investors including Nextech Invest, EQT Life Sciences, Frazier Life Sciences, Andera Partners and Deep Track Capital.

The raise comes ahead of first clinical data for its lead candidate at the upcoming ESMO congress. Tubulis will use the funds to expand development of its NaPi2b-targeting ADC, TUB-040, into earlier lines of therapy and additional tumor indications.