German biotech Tubulis secures record-breaking €308M Series C

Tubulis, a pioneer in the development of uniquely matched antibody-drug conjugates (ADCs), this week announced the successful closing of a €308 million Series C financing round.

This landmark round marks the largest Series C raised by a European biotechnology company and the largest financing for a private ADC developer globally.

Tubulis generates uniquely matched antibody-drug conjugates with superior biophysical properties that have demonstrated durable on-tumour delivery and long-lasting anti-tumour activity in preclinical models. 

The Series C was led by Venrock Healthcare Capital Partners, with participation from additional new investors Wellington Management and Ascenta Capital. Existing investors, including Nextech Invest, EQT Life Sciences, Frazier Life Sciences, Andera Partners, Deep Track Capital, Bayern Kapital, Fund+, OCCIDENT, Seventure Partners, and HTGF, also joined the round.

The proceeds from the Series C will be used to expand the clinical development of TUB-040, Tubulis’ lead ADC candidate targeting NaPi2b, an antigen overexpressed in ovarian cancer and lung adenocarcinomas. TUB-040 is currently being evaluated in a Phase I/IIa study (NAPISTAR1-01, NCT06303505) in patients with platinum-resistant ovarian cancer and relapsed or refractory non-small cell lung cancer. The candidate received Fast Track designation from the US FDA in June 2024.

Beyond TUB-040, the funding will advance Tubulis’ broader pipeline, including the clinical-stage ADC TUB-030 and several preclinical programs. Additionally, the company will continue to expand its proprietary ADC platform technologies to unlock novel therapeutic applications.

“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.  

The new funding empowers us to execute on our vision of creating truly differentiated antibody-drug conjugates that are tailored to the biology of solid tumours and can deliver superior therapeutic value to patients.”

“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. As Tubulis continues to expand its pipeline and build momentum,

I’m excited to partner with the leadership team and Board to advance a new generation of ADC medicines for patients.”

Dr Frank Hensel, Principal at HTGF, added: 

“Our relationship with Tubulis has always been built on trust and a shared ambition to redefine oncology treatment.

This latest round, supported by leading global investors, validates the strength of the platform and the team. We are proud to continue backing Tubulis as it enters a pivotal phase of clinical development.”