ADC Biotech raises series C funding for development of antibody drug conjugate tech
We were delighted to act for Downing LLP on an investment of £1.14 million by Downing FOUR VCT (Healthcare) into ADC
Biotechnology Ltd, with that investment now earmarked for the development of proprietary antibody drug conjugate* (‘ADC’) technology (branded and patented by the company as ‘Lock-Release’). The investment will also assist ADC with planned expansions into the US and elsewhere.
Downing’s investment follows-on from an aggregate £6 million invested into ADC Biotechnology Ltd in 2017, which was led by Maven Capital with co-investment from Finance Wales and Seneca Partners.
We look forward to watching the ADC business develop both here and in the US.
* ADCs are antibodies that are attached to cancer-killing drugs (using chemical linkers) so as to facilitate targeted treatment of cancerous tissues.
Deal/project: Series C funding round
Date closed: April 2018
Space: Life sciences
Other lawyers and advisors: DWF (Frank Shepherd & team) acted for the company; BioScience Managers also advised Downing LLP