Can a new Eu­ro­pean biotech make an ADC bet­ter than Pad­cev? In­vestors are putting up al­most $100M to find out

A new Eu­ro­pean biotech has put to­geth­er a near­ly $100 mil­lion Se­ries A, and its lead pro­gram is go­ing af­ter a tar­get re­cent­ly val­i­dat­ed by the FDA.

Emer­gence Ther­a­peu­tics raised €87 mil­lion in its first big raise Tues­day, good for rough­ly $97.8 mil­lion, com­ing out of stealth with a plan to tack­le an­ti­body-drug con­ju­gates. The first pro­gram up is set­ting its sights on nectin-4, the tar­get for Astel­las and Seagen’s Pad­cev drug, which gained full FDA ap­proval for urothe­lial can­cers this past sum­mer.

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