Solve Therapeutics has secured $120m for its pipeline of antibody-drug conjugates (ADCs), becoming the latest pharma company to cement its place with the cancer combatting modality.
A US-based oncology-focused venture fund, Yosemite led the round that had participation from other investors, including big pharma company MSD.
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By GlobalDataSolve said the new tranche, which brings the biotech’s total funding to $321m, will be used to complete Phase I studies for its two lead programmes SLV-154 and SLV-324, along with expanding operational capabilities in preparation for later-stage trials.
Both ADCs, SLV-154 and SLV-324 use Solve’s CloakLink technology, which the company says helps to overcome limitations related to payload hydrophobicity and plasma stability.
ADCs are a type of targeted cancer therapy that combines a monoclonal antibody (mAb), a linker, and a potent cytotoxic drug. This approach is more specific than traditional chemotherapy, leading to better efficacy and fewer side effects.
Solve CEO and founder Dave Johnson said: “Since founding the company, we’ve built a differentiated platform that combines next-generation ADC engineering, a superior hydrophilic linker system, and novel patient-selection diagnostics. This investment syndicate represents a strong endorsement of our science, our team, and our mission to develop more effective and safer targeted therapies for patients with solid tumours.”
Johnson has credit in the bank when it comes to building successful biotechs. He was also the co-founder of cancer-focused biopharma VelosBio, which was acquired by MSD for $2.75bn in 2020.
With Solve, Johnson is targeting an ADC sector that has boomed in promise over recent years. This has been reflected by the many billion-dollar deals tied up by pharma companies looking to shore up their pipelines with the emerging modality. One of the biggest was Pfizer’s acquisition of Seagen for $43bn in December 2023.
Roche has already signed three ADC deals this year, with the latest dating back to March via an agreement with Oxford BioTherapeutics that could surpass $1bn.
With an eye already on Solve’s offerings, MSD has been active elsewhere in the space too, securing a broad-cancer ADC asset for $700m in early November.
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